Adds ‘Tap & Go’ Convenience to Mosaik MasterCard
PayPass technology for feature-rich credit card will speed up check-out
at retailers and attract new customers
November 1, 2007 – 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.
Director, BMO Mosaik MasterCard, said PayPass was introduced as a way
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
BMO Mosaik MasterCard cardholders who have an AIR MILES®† or
CashBack® 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.
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