Coles Rolls Out Mastercard PayPass Wallet

The new payment option will be used at checkouts in all Coles stores across Australia.

A Tap&Go option is available for purchases under $100, where consumers can tap their Mastercard PayPass enabled debit or credit card against the contactless terminal without using a PIN or signature.

Coles General Manager of Strategy and Financial Services, Richard Wormald says the new payment option aims to offer consumers a seamless and convenient mode of shopping.

“The introduction of contactless payment across all Coles stores nationwide, is an innovation in secure payment technology that will provide our customers with access to faster payments at the check-out. It is about providing ways to make payments easier, faster, and more secure every time they visit our stores,” he says.

Coles is part of a nation-wide PayPass launch with Mastercard, where 100,000 terminals are being used by retailers, including 7-Eleven. Woolworths, IGA and Foodworks have teamed up with Visa to implement its contactless payment technology, Paywave.

Power Retail has watched closely the m-commerce and Near Field Communication (NFC) trends, and how Australian businesses have been slow to get involved. A Juniper Research report found that global mobile contactless payments could hit $50 billion by 2014. The latest PayPass initiative is an indicator that m-commerce is gearing up in the southern hemisphere continent.