New Study: Canadians Lose Precious Time Every Day Doing Routine Transactions
Capital One Offers PayPass Contactless Technology to Help Consumers Save Time
Toronto, On. (May 20, 2008) – A new survey by Capital One Canada shows that individual Canadians spend more than 115 hours – almost five days – each year waiting in line and paying for daily purchases. While these small purchases are part of their daily routines, frustration becomes an added cost for their morning coffees, daily newspapers, gas, movie rentals and similar items for even the stereotypically patient Canadians. In fact, more than one-third (38%) of Canadians report being frustrated waiting for the person in front of them to pay.
Faced with a long wait in line, an overwhelming 71% of
Canadians try to manage their frustration with a reminder of the adage that
“patience is a virtue.” However, despite such reminders, slightly more than
one-fifth of these (21%) are not above complaining to other customers in the
line-up. Even more significant is the fact that nearly another quarter
(24%) said that they abandon their purchases and leave the store. This
study demonstrates the value that Canadians place on their time and highlights
the need for improved consumer spending experiences.
Capital One
Canada is equipping cardholders with MasterCard PayPass technology to help
cardholders save time when making small everyday purchases. Eliminating
the hassle of digging for cash or signing a receipt, the PayPass card features
technology that allows cardholders to simply tap their card or device on the PayPass-enabled reader at a variety of retail locations,
such as grocery stores, coffee shops, movie theatres, gas stations, concession stands, quick-serve restaurants
and other emerging acceptance locations. According to MasterCard research, PayPass technology offers a 40%
reduction in wait time at drive-thru and quick service restaurants and
a 15-20% reduction in wait time at stores.
“Convenience, speed and security are valuable commodities these days and it was an obvious choice for us to provide MasterCard PayPass technology to our customers,” said Bill Cilluffo, President, Capital One Canada. “PayPass technology provides a 10-40% reduction in transaction time, which means that we can help Canadians save between 28 and 46 hours a year as they make daily purchases.”
“PayPass was specifically designed to offer a convenient
and easy alternative to paying with cash,” says Kevin Stanton, President,
MasterCard Canada. “By offering PayPass technology to its customers,
Capital One is offering improved experiences for cardholders and access to a
more efficient system of commerce that makes transactions faster, easier and
more secure.”
“It’s the same Capital One card, just even
more convenient,” said Cilluffo. “It still works everywhere MasterCard is
accepted, and it still offers the security of Zero Liability on unauthorized
use.”
PayPass offers ‘hassle-free’ benefits, including:
• Convenience – Customers may use their PayPass-enabled MasterCard at
payment terminals displaying the PayPass logo. PayPass cards can also be
used in the traditional manner anywhere MasterCard is accepted around the world,
including online and over the phone.
• Speed – It’s a fast and
convenient payment option so that customers no longer need to fumble for cash
and coins, swipe a card or sign a receipt.
• Safety and security
– The PayPass device never leaves customers’ hands and customers have the
benefit of Zero Liability for unauthorized use. They simply tap their
PayPass card or device against the reader at checkout and wait for the ‘beep’ to
confirm that the transaction has been processed.
• Budgeting Assistance – Paying for small transactions with a credit card
allows for better record keeping than cash so customers can keep
track of those daily transactions that add up.
For more information about Capital One MasterCard with PayPass, visit www.capitalone.ca/paypass .
About the Survey
These are the
findings of an Ipsos Reid poll conducted on behalf of Capital One from April 29
to May 1, 2008. For the survey, a representative randomly selected sample of
1000 adult Canadians was interviewed by telephone. With a sample of this size,
the results are considered accurate to within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire
adult population of Canada been polled. The margin of error will be larger within
regions and for other sub-groupings of the survey population. These data were weighted to
ensure that the sample's regional and age/sex composition reflects that of
the actual Canadian population according to Census data.
About Capital One Canada
Located in Toronto, Ontario,
Capital One has offered Canadian consumers a range of competitive MasterCard® credit cards since
1996, when the company first introduced the Platinum MasterCard® in Canada. Capital One Canada
is a division of Capital One Bank, a subsidiary of Capital
One Financial Corporation of McLean, Virginia (NYSE: COF).
MasterCard is a registered trademark and PayPass and Tap
& Go are trademarks of MasterCard International
Incorporated.