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Meijer Stores and GE Consumer Finance Introduce MasterCard® PayPass as Newest, Most Convenient Payment Option; Company Becomes First Super Center Chain in the U.S. to Offer 'Tap and Go' Contactless Payment Technology

Business Wire, August 15, 2005

GRAND RAPIDS, Mich. -- Meijer Stores, a grocery and general merchandise retailer, and one of the fastest growing privately-owned companies in the United States, today announced it is the first super center chain in the United States to accept MasterCard(R) PayPass(TM) as a contactless payment option at all of its 171 locations. By early fall, all Meijer gas pumps will be equipped to accept MasterCard PayPass as well.

"As an early adopter of this new payment option, we recognize the importance to our customers of saving time at checkout," said Michael Ross, director of marketing strategy and customer relationship management for Meijer. "MasterCard PayPass is part of Meijer's continuing efforts to invest in solutions for serving customers quickly and efficiently."

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Meijer also announced today the upcoming availability of the PayPass-enabled Meijer Platinum MasterCard(R) card. The card, issued by GE Consumer Finance, a leading provider of credit services, combines the features and benefits of the Meijer private label store card with the worldwide acceptance of a MasterCard card and the added functionality of PayPass contactless 'tap and go' payments. The card has all the privileges of an in-store card, including access to exclusive sales, promotions and loyalty rewards, plus all the benefits of a traditional bankcard - worldwide acceptance, competitive APRs and rewards on out-of-store spending. Customers who use the card at Meijer earn points towards Meijer Bucks, which can be redeemed for merchandise. Cardholders accrue two points for each dollar spent in-store and one point for each dollar spent elsewhere. Cardholders can earn additional points through special seasonal offers and fuel purchases.

"We're excited about the rapid growth of our relationship with Meijer and making the shopping experience as easy, quick and convenient as possible for their consumers," said Margaret Keane, president and chief executive officer of the Retail Consumer Finance unit of GE Consumer Finance-Americas.

MasterCard PayPass allows cardholders to simply tap their PayPass-enabled MasterCard card on a specially-equipped terminal that utilizes a radio frequency (RF) chip to complete the transaction. Payment is completed quickly and easily, without the hassle of swiping a card, fumbling for cash or signing a receipt. Moments after the cardholder taps their PayPass-enabled MasterCard card, account details are communicated to the terminal and then processed through the MasterCard network for clearing and settlement.

"Enabling the Meijer Platinum MasterCard card with PayPass simplifies and enhances the customer experience in-store and at the pump," said Fred P. Gore, senior vice president, North America Acceptance, MasterCard International. "MasterCard cardholders, including Meijer Platinum cardholders, can continue to enjoy the flexibility, convenience, security and global acceptance that comes from carrying a MasterCard card. With the new PayPass option, they can add speed and ease of use too."

MasterCard PayPass is currently accepted at participating McDonald's, 7-Eleven stores, CVS, Ritz Camera Centers, Boater's World Marine Centers, Sheetz, and Regal Entertainment Group theatres (Regal Cinemas, United Artists Theatres and Edwards Theatres). It is also accepted at Qwest Field, M&T Bank Stadium and Lincoln Financial Field, homes of the National Football League's Seattle Seahawks, Baltimore Ravens and Philadelphia Eagles, respectively. For more information about MasterCard PayPass, visit www.mastercard.com/paypass.

About Meijer

Meijer is a family owned and operated grocery and general merchandise super center retailer operating 171 stores throughout Illinois, Indiana, Kentucky, Michigan and Ohio. Additional information regarding Meijer can be found at www.meijer.com.

About GE and GE Consumer Finance

GE Consumer Finance, a unit of General Electric Company, with $150 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information about GE Consumer Finance can be found online at www.geconsumerfinance.com. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

Business Services Industry

Meijer Stores and GE Consumer Finance Introduce MasterCard® PayPass as Newest, Most Convenient Payment Option; Company Becomes First Super Center Chain in the U.S. to Offer 'Tap and Go' Contactless Payment Technology

Business Wire, August 15, 2005

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