Citizens Financial Group introduces MasterCard PayPass™ to provide Citizens Bank and Charter One customers with a simpler way to pay with debit cards
“Tap N Go™” payment provides consumers and retailers with convenience and streamlined transactions
PROVIDENCE, R.I.–Citizens Financial Group, Inc. announced that in its continuing effort to be an industry leader in convenience and service, it is providing Citizens Bank and Charter One Bank customers with MasterCard® PayPass™ contactless payment technology on their debit cards. PayPass offers simpler, speedier card transactions at thousands of merchants worldwide by enabling “Tap N Go™” payments.
“Citizens continually looks for ways to offer cardholders enhanced payment features that provide added value and convenience,” said Mark J. Formica, Citizens Financial Group Vice Chairman, Retail Delivery and Citizens Services. “PayPass is simpler and faster than cash, enabling our cardholders to enjoy a quicker, more convenient payment option. It is an extension of our commitment to serving them when, where and how they like to bank.”
To use the feature, Citizens and Charter One customers simply tap their PayPass-enabled debit cards on the special PayPass reader located near the cash register of participating retailers. For PayPass transactions under $25, there is no need for customers to sign a receipt. To signal a customer’s purchase is complete, the reader will flash a light and produce a tone sound.
MasterCard PayPass is now accepted at approximately 25,000 merchant locations in the U.S. at retailers such as McDonald’s, CVS, Duane Reade, 7-Eleven, Regal Cinemas and Wawa. Citizens Bank Park in Philadelphia, PA has also installed PayPass readers at all of its concessions. For a detailed listing of participating merchants, customers may visit http://www.citizensbank.com/paypass.
“According to our recent research, U.S. consumers are using less cash these days. In fact, nearly half of respondents said they carry less cash today than they did five years ago and 60 percent of respondents had only $20 or less in cash on-hand,” said Cathleen Conforti, senior vice president and Global PayPass Product Manager, MasterCard International. “MasterCard PayPass is a contactless payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases.”
Citizens Financial Group’s rollout of PayPass technology is underway. Citizens and Charter One have begun providing new customers with PayPass-enabled debit cards. This month, customers receiving reissued cards are also being given the PayPass feature. In March, Citizens and Charter One will begin replacing all other existing customers’ debit cards with PayPass-enabled debit cards.
PayPass technology by MasterCard International works as follows: It uses radio frequency technology to transmit payment details wirelessly between the PayPass device and the merchant’s terminal.
The transaction is processed through the MasterCard network for clearing and settlement.
Similar to traditional MasterCard cards, PayPass cards have magnetic-stripe technology that allows cardholders to use the cards anywhere MasterCard is accepted throughout the world.
PayPass enhanced cards also provide zero consumer liability protection in North America, just like all MasterCard payment programs, with the added safety of not having to physically give another party the card during a transaction.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $148 billion commercial bank holding company. It is headquartered in Providence, R.I., and has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees. It operates its 13-state branch network in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and has non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc). Its Web site is http://www.citizensbank.com.
About MasterCard International
MasterCard Incorporated is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard, through its principal operating subsidiary, MasterCard International Incorporated, manages a family of well-known, widely accepted payment card brands including MasterCard®, Maestro® and Cirrus® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless® advertising campaign is now seen in 105 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information go to http://www.mastercardinternational.com