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TMCNet:  Mastercard Helps Consumers Go Coin-and-Cash-Free at Vending Machines With Masterpass

[April 19, 2017]

Mastercard Helps Consumers Go Coin-and-Cash-Free at Vending Machines With Masterpass

Mastercard today will make creased dollar bills and spare coins a thing of the past at vending machines. Through a partnership with PayRange, maker of the world's simplest mobile payment solution for machines, consumers can buy beverages and snacks with Masterpass at vending machines across 300 cities in the United States and Canada.

Consumers want a seamless shopping experience. They want to be served instantly at stores and are even more demanding when it comes to buying at a machine. Globally, 61 percent of consumers say they would be willing to shop in a completely automated store with kiosk stations using virtual service. 52 percent say they actually prefer self-service stations to avoid waiting in lines.1

Using the PayRange app on their mobile device, consumers can select the beverage or snack they want to buy and pay for those items safely and securely using Masterpass.

"Convenience is as important to consumers as personalization and customization," said Betty DeVita, chief commercial officer, Digital Payments and Labs, Mastercard. "Paying with a mobile phone seems like such an obvious answer to a pain point that has existed for decades. Whether it's a physical card or a tap of a phone, as mobile usage becomes a way of life, consumers will expect all retail touchpoints to be as mobile-friendly as possible and all commerce experiences to be frictionless."

With Masterpass, consumers are able to store all payment information, including card details, shipping information, and payment preferences in one convenient location.

"PayRange thrives on reinventing the consumer experience in the world of automated retail by bringing legacy machines into the digital age," said Paresh Patel, founder and CEO, PayRange. "The partnership with Mastercard grants millions of consumers access o the rewarding cashless experience across the PayRange network of machines. Gone are the days of digging for loose change or coin jams. With a swipe up on their phone, we're making everyday payments simple-for everyone."

Mastercard Vending and Masterpass APIs on the Mastercard Developers platform enables developers to add vending and digital payment capabilities inside their own mobile application. Mastercard also provides a simulator for developers to test their apps removing the requirement of having an actual vending machine to determine if the app is communicating with the machine.

Masterpass will be available in the PayRange mobile app beginning May 1, 2017.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

About PayRange:

PayRange was founded to provide operators and consumers with the simplest, most accessible mobile payment solution for vending, amusement, laundry and more. Consumers download the free mobile app from either the Apple App Store or the Google Play Store. And with flexible funding options including all major debit/credit cards, Apple Pay, and Android Pay, consumers are empowered to pay machines with ease. PayRange-enabled machines can be found across the 50 United States and throughout Canada. Find out more at www.payrange.com.

1 Cisco® Customer Experience Report


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