Contactless MasterCard Developments
HSBC Bank USA, N.A. recently became one of the world's largest financial companies to announce that they would offer new debit cards that feature MasterCard's PayPass Contactless payment technology. The bank says it expects to issue about one million cards by the end of this year.PayPass cardholders can speed through checkouts where the card is accepted by simply tapping on specially equipped merchant terminals. Some merchants also require no signature for using the card. The cards will have both the contactless technology and magnetic stripe technology.Meanwhile, JPMorgan Chase, which calls its contactless card "blink" has surpassed the 2-million-card mark. It introduced its product in June in Colorado and Georgia. And in other news on blink, Chase Bank USA announced that it is working with United on release of the first card linked to airline rewards. The United Mileage Plus Visa cards with blink were issued this summer to over 200,000 card members in Colorado, a United hub.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 11, 11/05
First published on 11/01/2005