The Quick Payment Service (QPS) Program was developed by MasterCard® to facilitate payment acceptance in industry segments where the point of service is traditionally cash-based and speed is crucial to the sale. QPS transactions occur in a face-to-face environment in which card account data is read electronically from the card.
MasterCard has waived certain operating rules and regulations for participating merchants so they can quickly process transactions below a certain amount without having to obtain the cardholder's signature. With the QPS Program, there's also no need to provide a receipt unless the cardholder requests it. Plus merchants receive chargeback protection for in-person transactions up to $50.00 depending on the Merchant Category Code.
Recently, MasterCard expanded the QPS Program, adding new Merchant Category Codes. We've also enhanced the program by making it easier for several high-volume merchants, such as supermarkets and book stores, to participate by eliminating the requirement for a PayPass™ terminal at the POS.
Please download the Quick Payment Service Program Guide for complete details.