Keybank First Bank In Nation To Issue MasterCard PayPass Debit Cards
New ‘tap and go’ technology allows faster, more convenient way to pay
Cleveland, OH, August 04, 2005–Cleveland-based KeyBank today announced that it is the first
bank in the United States to offer its customers MasterCard® PayPass™ debit cards. The revolutionary PayPass-enabled debit cards provide Key cardholders with the ability to ‘tap and go’ for a faster, secure way to pay and a more convenient shopping experience.
Equipped with a radio frequency chip, the Key MasterCard PayPass debit card allows cardholders to speed through checkout by paying with a simple tap of the card on specially equipped merchant terminals. Debit cards utilizing PayPass technology eliminate the need for consumers to search for cash or coins, hand over their debit card to a clerk or swipe it themselves through a merchant terminal.
“Key has long been a leader in technology innovation that enhances our customers’ financial needs, and we are excited to offer PayPass as a way for them to have even faster access to their money,” said Carl Stauffeneger, SVP, product management, Key Consumer Product Development. “Radio frequency technology is the way of the future in payments and we are pleased to be first to introduce our customers to MasterCard PayPass debit cards, which utilize this technology. Our consumer and small business debit MasterCard cards, as well as our KeyMiles reward debit MasterCard cards, will be equipped with the new PayPass technology.”
“MasterCard PayPass is simpler and more convenient than cash, thereby moving consumers through the checkout process faster,” said Cathleen Conforti, Global PayPass Product Manager, MasterCard International. “PayPass also provides consumers with the flexibility and security they have come to expect when making everyday purchases with a MasterCard card.”
Key will be replacing its existing cardholders’ debit cards with PayPass-enabled debit cards beginning September 1. All new Key customers will receive a PayPass-enabled debit card when they open a checking account.
PayPass cards, like other traditional MasterCard cards, also include magnetic stripe technology, so cardholders can use the cards anywhere MasterCard is accepted around the world. MasterCard PayPass terminals are currently available at participating McDonald’s, 7-Eleven stores, CVS, Ritz Camera Centers, Boater’s World Marine Centers, Sheetz, and Regal Entertainment Group theatres (Regal Cinemas, United Artists Theatres and Edwards Theatres). It is also accepted at Qwest Field, M&T Bank Stadium and Lincoln Financial Field, homes of the National Football League’s Seattle Seahawks, Baltimore Ravens and Philadelphia Eagles, respectively. For more information about MasterCard PayPass and an updated list of merchants currently accepting PayPass transactions, visit http://www.mastercard.com/paypass.
How MasterCard PayPass Works
MasterCard PayPass uses secure radio frequency technology to transmit details wirelessly between the PayPass card and the merchant’s terminal. The transaction is then processed through MasterCard International’s secure network for clearing and settlement. MasterCard PayPass acceptance is ideal for quick payment environments where speed and ease of use are essential, such as quick serve restaurants, gas stations, drug stores and movie theaters.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
An additional partner in making PayPass technology available to Key customers is Axalto, the world’s leading provider of microprocessor cards (Gartner 2005).
Note to Editors
For a high-resolution color image of the Key MasterCard PayPass debit card, please contact Ann Gurin of Public Relations Partners at 216.520.0092, extension 230, or via e-mail at email@example.com.
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