The new development is an extension of Europe’s first MasterCard PayPass credit programme, which was launched with Garanti Bank in Turkey in June 2006, when the ‚Garanti Bonus Trink‘ card with PayPass was launched. The issuance of PayPass watches in Europe follows the launch in June 2006 of the world’s first watch equipped with MasterCard PayPass in Asia, to coincide with the 2006 FIFA World Cup in Germany. That limited edition watch was created in collaboration with Chinatrust, LAKS GmbH and On Track Innovations and issued in Taiwan as a companion device to MasterCard credit cards. Cathleen Conforti, Global PayPass Product Manager, MasterCard Worldwide, said: “Contactless payments have a major role to play in the replacement of cash in European commerce. The launch of a highly innovative payment device like this watch in partnership with Garanti Bank is just one of the ways we are bringing fast, convenient and secure alternatives to cash to the European market.” Conforti continued: “MasterCard’s contactless payment technology is revolutionary because it has the ability to change consumer behaviour. In various parts of the world today our PayPass feature is in use in non-card forms, such as key fobs, wristbands and mobile phones, offering consumers a broad range of payment alternatives where speed, flexibility and convenience are essential. Without question, the days of cumbersome cash as king are numbered.” Since its launch, MasterCard data shows that the average MasterCard PayPass transaction, credit or debit, is approximately US$20. Consumers also use their payment cards more frequently once these cards are MasterCard PayPassenabled – approximately 18% more often on average. Roughly 75% of all PayPass transactions are for purchases below US$25 and approximately 45% are for purchases below US$10. As of Q1 2007, there are more than 14 million MasterCard PayPass cards and devices in the market that are accepted at more than 51,000 merchant locations globally. louise_herbert@mastercard.com www.mastercard.com/paypass