NEW YORK—In a move to boost NFC payments in New York City, Mastercard has introduced “Fareback Friday.”
Cardholders who tap to pay for their subway ride at any station between 42nd Street – Grand Central and Atlantic Avenue-Barclay’s Center along the 4, 5 and 6 lines will get a refund on their fare. The program will be effective every Friday in June and July, the company said.
“The Mastercard Fareback Friday program has been designed to get people familiar with tapping their Mastercard cards on MTA’s subways,” the company said.
The company also announced that when Mastercard cardholders use their cards to tap and pay in the subway, or at merchants that accept contactless payments in the city, they will be eligible to receive “Priceless Surprises.” The surprises include unique entertainment, sports and culinary experiences in New York City.
‘Completely Transform Experience’
“Mastercard is thrilled to partner with the MTA to completely transform the experience for commuters in New York City,” said Linda Kirkpatrick, executive vice president, U.S. Merchants and Acceptance. “Mastercard cardholders who tap their cards or phones at subway turnstiles will benefit from shorter wait times and a slick experience. Mastercard will be the first to offer cardholders an incentive to tap and pay for their subway ride.”
Commuters will be eligible to receive a maximum refund of up to $5.50 (equivalent to two rides) every Friday during June and July.
Sources have stated that both Mastercard and Visa have a strong interest in driving the adoption of tap-and-go payments, as research shows consumers spend more when they tap instead of dip or swipe .