Consumer Payment Card News

Debit PayPass

Tap ‘n go plastic payments are taking hold across the country. This week, HSBC Bank USA announced it will add the MasterCard “PayPass” contactless payment option to its debit cards. MasterCard “PayPass” allows cardholders to speed through checkout by simply tapping on specially equipped merchant terminals to pay. “PayPass” eliminates the need for consumers to fumble for cash and coins, hand over their payment card to a clerk or swipe it through a reader. At selected merchants, signatures may not be required for purchases under $25, further speeding customer’s transactions. HSBC will be the first bank to completely reissue its debit cards to include “PayPass.” HSBC says it expects to upgrade about one million cards by year’s end. Last month, Cleveland-based KeyBank became the first bank in the USA to launch “MasterCard PayPass” debit cards. KeyBank’s consumer and small business debit MasterCard cards as well as its “KeyMiles” reward debit MasterCard cards are now being equipped with “PayPass.” Also during August, Citibank introduced a “MasterCard PayPass” key chain fob for its debit card customers. Citi plans to issue about 2.5 million “PayPass” debit devices. Citi is also planning to test “PayPass” for its credit card customers. For more information visit: “www.mastercard.com/paypass”:www.mastercard.com/paypass

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