Building on the rapidly growing popularity of "contactless' payment cards, Axalto, the world's leading provider of microprocessor cards, is supplying more than two million MasterCard PayPass cards to KeyBank for the first contactless debit card rollout in the U.S.
Axalto contactless payment smart cards enable cardholders to simply tap their card on the reader or within one inch of a point-of-sale terminal at checkout, instead of swiping their card or handing it to a store employee. The terminal quickly emits a signal acknowledging payment confirmation. The payment transaction is then processed. The KeyBank MasterCard PayPass card - available beginning September 1 - also includes a magnetic stripe, allowing consumers to use it at any location that accepts MasterCard debit cards.
"We chose contactless technology because it saves cardholders time and enhances their payment experience," said Carl Stauffeneger, Senior Vice President, product management, Key Consumer Product Development. "Axalto was the best choice for these contactless cards because of its experience and reputation in the card industry."
Axalto's smart payment cards contain best in class contactless technology to ensure privacy and security for cardholders and are specially designed for durability and long life. Axalto's product also has an optional embossing capability that allows issuers to use all four available lines for embossing on the front of the card. Issuers use this fourth line to add a company name or for other marketing purposes.
"Axalto is passionate about helping Key better serve its customers' financial needs, resulting in a faster and more convenient shopping experience and increased loyalty from its cardholder base," said Paul Beverly, President, Americas, Axalto. "We are proud that our extensive experience allowed us to quickly accommodate Key's need to use all four available lines for embossing on the front of the card."
This new solution targets traditional cash-only environments where speed is essential, such as quick service restaurants, gas stations, convenience stores and movie theaters. A growing number of merchants accepting contactless cards include McDonald's restaurants, Meijer retail and grocery supercenters, 7-Eleven, CVS drug stores, Sheetz convenience stores, Ritz Camera centers, and movie theaters owned by Regal Entertainment Group.