Tristan Jordan MasterCard Worldwide +1 914-249-5724
The Home Depot to Accept MasterCard PayPass
Acceptance at Second Largest U.S. Retailer Demonstrates Value and Momentum of Contactless Payments among Merchants and their Customers
Purchase, NY, July 27, 2009 - MasterCard Worldwide announced today that The Home Depot, the world's largest home improvement specialty retailer, will begin accepting MasterCard ® PayPass ™ at 1,974 retail locations across the United States. With MasterCard PayPass. The Home Depot customers can enjoy faster transactions and greater payment convenience by simply tapping their MasterCard PayPass cards or devices on a PayPass reader at checkout to complete their purchases.
Consumer preference for contactless forms of payment is on the rise. As of Q1 2009, over 55 million PayPass -enabled cards or devices had been issued, more than doubling the number of cards and devices in circulation around the world in one year. In addition, according to MasterCard research, 41 percent of consumers say they use cash less often today than they did two years ago. Of the consumers who have a PayPass -enabled card or device, 77 percent say they use it as their primary form of payment.
“Contactless payments meet consumer demand for more convenient ways to pay in retail environments,” said Cathleen Conforti, senior vice president, Global PayPass. MasterCard Worldwide. “The increasing popularity of MasterCard PayPass demonstrates that merchants and customers alike appreciate the speed and convenience PayPass delivers, as consumers continue to shift their preference to electronic payments from cash and check.”
In addition to MasterCard PayPass. The Home Depot will continue accepting all other traditional magnetic-stripe payment card brands.
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash-heavy
environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quick serve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of 1Q09 there are nearly 55 million PayPass cards and devices in use at more than 146,000 merchant locations worldwide, including participating BP, Best Buy, 7-Eleven, CVS, McDonald’s, Petco and many others. PayPass also is accepted at numerous professional football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass .
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard ®. Maestro ® and Cirrus ®. MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com .
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer, with 2,242 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. In fiscal 2008, The Home Depot had sales of $71.3 billion and earnings from continuing operations of $2.3 billion. The Company employs more than 300,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.