BMO Adds PayPass 'Tap & Go' to Mosaik MasterCards

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 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.