BMO Bank of Montreal has added an innovative and convenient new payment feature called MasterCard PayPass to its Mosaik MasterCard cards. This new feature lets customers quickly pay for purchases using their BMO Mosaik MasterCard at merchants with MasterCard PayPass payment terminals without having to swipe their card - they simply "Tap & Go". There's no need to hand over the card to the cashier and in most instances, no signature is required.
BMO is the first credit card issuer among the big six banks in Canada to integrate "Tap & Go" technology into a credit card further distinguishing BMO Mosaik MasterCard from its competitors as one of the most flexible, convenient and feature-rich credit cards on the Canadian market today.
PayPass is currently available at a growing number of convenient locations such as Tim Hortons, Cineplex Odeon, Petro-Canada, Loblaws and affiliated stores, Rabba Fine Foods. McDonald's Canada has announced that they will begin accepting PayPass transactions in 2008 at select locations.
Nancy Marescotti, Director, BMO Mosaik MasterCard, said PayPass was introduced as a way to cut down on transaction time and to decrease consumers' wait-times at check-out, simplifying the way they pay. MasterCard PayPass is ideal when speed is essential so it was designed to be used in such places as fast food restaurants, gas stations, convenience stores, grocery stores, and movie theatres. "It's like having exact change wherever you go. A simple tap of your card is all it takes to pay at check-out."
Ms. Marescotti said the launch of PayPass presents an excellent opportunity to position BMO Mosaik MasterCard as a leader in convenient, innovative payment technologies. "We think MasterCard PayPass is going to further boost our card's comparative convenience, enhance an already strong brand, and help draw new account holders, truly making it the preferred card of choice for our customers she said.
BMO Mosaik MasterCard PayPass cards use radio frequency technology to securely transmit payment details wirelessly between the MasterCard PayPass device and the merchant's terminal. As a result, cardholders need to do nothing more than tap or wave their credit card against the MasterCard PayPass payment terminal and the transaction is instantly processed. "One of the benefits of PayPass is that the card never leaves the customer's hands so he or she can have greater peace of mind," said Ms. Marescotti. "And PayPass transactions are covered by Zero Liability providing the same layer of security and protection that customers are accustomed to having with their BMO Mosaik MasterCard."
BMO Mosaik MasterCard cardholders who have an AIR MILES(R)(+) or CashBack(R) feature will earn rewards on their PayPass transactions.
BMO Mosaik MasterCard PayPass cards include magnetic stripe technology, so the cards can also be used in a traditional manner anywhere MasterCard is accepted around the world. The PayPass payment feature is simply an added benefit that will now be automatically included on most new or reissued BMO Mosaik MasterCard cards at no additional fee. PayPass technology is standardized around the world, customers can use their BMO Mosaik MasterCard PayPass cards at MasterCard PayPass terminals around the world.