National Bank to offer the PayPassTM payment option on its MasterCard credit cards
National Bank is pleased to announce that it will integrate the contactless PayPassTM payment option into smart credit cards issued as part of a pilot project taking place in Kitchener-Waterloo, Ontario and Saint-Jérôme, Quebec in 2008.
PayPass™ offers users a simpler and faster way to pay for low-value purchases, typically under $50, by tapping their card on a PayPass™ reader to complete transactions up to the limit established by the merchant. With this new payment system, merchants no longer need to handle small bills and coins, have clients sign a sales slip or swipe or insert a credit card into a terminal. National Bank MasterCard cards with PayPass™ will therefore reduce the time it takes to pay for purchases, a benefit for both clients and merchants alike.
“The contactless PayPass™ payment method makes it quicker and easier for clients to make minor purchases without having to worry about finding the exact change,” explained Paolo Pizzuto, Vice-President – Electronic Payment Solutions at National Bank.
With this new feature, National Bank MasterCard cardholders will now have three payment options, depending on the technology offered by the merchant:
Contactless PayPass™ payment can be used as an alternative to cash for low-value purchases by simply tapping or brushing the credit card against a reader
Smart card technology, which enhances the security of transactions as clients must authorize the purchase by entering their personal identification number (PIN)
Merchants who do not yet offer PayPass™ or smart transactions will continue to swipe cards and ask clients to sign the sales slip, thus ensuring that cards can continue to be used wherever MasterCard is accepted.
PayPass™ was launched in Canada in 2004, and will become more and more popular in the years to come with merchants who need to offer a fast payment option to customers, such as fast food restaurants, pharmacies, service stations, vending machines, convenience stores and movie theatres.
As part of its ongoing drive to innovate, National Bank is making the most of this exciting opportunity to offer PayPass™ to its MasterCard cardholders and provide them with the most complete and flexible payment method available.
For more information visit www.nbc.ca/paypass.
About National Bank of Canada
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has more than $120 billion in assets and, together with its subsidiaries, employs 16,856 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
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