Citibank Introduces Tap-and-Go Convenience for Its Debit Customers
Citibank MasterCard PayPass Fits on a Key Chain, Does Not Have to Be Swiped or Handed to a Cashier, Saves Time
Purchase, NY, August 24, 2005–The average time consumers spend waiting in line is 7.4 minutes, but starting this fall, Citibank® Banking Card cardholders in New York will begin zipping through checkout lines faster. They will be able to make their purchases quicker with the innovative, new “tap-and-go” Citibank® MasterCard® PayPass™,a free, speedy companion payment device to the Citibank Banking Card, Citibank’s ATM/debit card. Similarly, Citi will begin to pilot MasterCard PayPass for its credit card customers this fall. The PayPass key fob device fits on a key chain for easy access, so customers can make payments on purchases with a simple tap on a PayPass reader at participating merchants…and go. Following the initial launch in the New York market beginning this fall, Citibank plans to roll out 2.5 million PayPass debit devices across the country.
“We’re always looking for ways to improve and simplify our customers’ everyday payment transactions by adding enhancements to our expansive suite of superior products and services,” says Wayne Malone, Senior Vice President of Transaction Innovation for Citibank. He adds, “And customers are looking for the latest products or services that not only save them time, but also make everyday banking and spending simpler. With the Citibank MasterCard PayPass, there’s no fishing around for your wallet or waiting for change. It’s safe, fast and incredibly convenient.”
“PayPass provides consumers with a simpler, quicker check-out experience in addition to the security they’ve come to expect when making purchases with a MasterCard card,” says Cathleen Conforti, senior vice president and Global PayPass Product Manager, MasterCard International.
Benefits and Features
With the Citibank MasterCard PayPass, there is no need to swipe a banking card or hand it to a cashier to make a purchase. Customers simply tap their PayPass-enabled key fob on the PayPass reader at participating merchants and they are on their way. The purchase is automatically deducted from their checking account. When the lights flash on the reader, the transaction is complete. Tap-and-go convenience makes payment faster than using cash, check, even a card. Also, tracking smaller purchases is easier than when paying with cash, and no signature is required for purchases under $25 at select merchants.
Other benefits of the Citibank MasterCard PayPass include:
ThankYou Points®, redeemable for rewards, on all debit transactions for Citibank accounts enrolled in ThankYou NetworkSM.
As with Citibank’s traditional debit card, MasterCard’s Zero Liability policy offers protection against unauthorized purchases. So, the Citibank MasterCard PayPass companion is not only fast, but also safe to use.
Additional security for the customer because the device never leaves his or her possession.
The lack of personal details, such as name and card number, on the Citibank MasterCard PayPass provides further identity protection.
Choice and flexibility–no minimum purchase amount required, maximum of $150 PayPass purchases per day.
Growing number of participating merchants every day; for the most up-to-date list of merchants accepting PayPass, please visit http://www.mastercard.com/PayPass.
Customers will begin receiving their Citibank MasterCard PayPass companion in the mail along with their new Citibank Banking Card as the program is rolled out. To activate the companion Citibank MasterCard PayPass, they can call Citibank Customer Service or use their debit card at any ATM.
Customers in the New York metropolitan area may apply for a Citibank Banking Card PayPass by visiting http://www.citibank.com or call 1-800-627-3999 (currently not available in CT, NJ or upstate New York).
Citibank is member of Citigroup , the leading global financial services company, which has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at http://www.citigroup.com.