Earlier today CIBC announced three new MasterCard PayPass-enabled credit cards, including the CIBC Aventura World MasterCard, the CIBC Dividend Unlimited World MasterCard and the CIBC Aventura MasterCard.

"These new offerings for CIBC customers are an exciting opportunity to deliver the value MasterCard brings to consumers, merchants and businesses through our convenient, secure and innovative payment technologies, including PayPass," said Betty K. DeVita, President of MasterCard Canada. "Canadians have embraced the tap-and-go convenience of PayPass, which gives cardholders the ability to purchase what they want, quickly, and without having to rely on cash on hand."

MasterCard PayPass provides a convenient alternative to cash. It removes the need for consumers to fumble for cash and coins, or swipe a card and sign a receipt in retail environments where speed of payment processing is critical such as quick-serve restaurants, drive-throughs, parking lots, gas stations, and more. Merchants who accept PayPass are seeing speedier checkout lines as cardholders simply tap their PayPass-enabled MasterCard card on a reader and the secure transaction is completed in a matter of seconds.

Currently there are over 13,000 PayPass accepting merchants in Canada, including Tim Hortons, Petro Canada, Shoppers Drug Mart, Loblaws, Real Canadian Superstore, Toys R Us, M&M Meat Shops, and The Second Cup among many others.