Axalto supplies MasterCard PayPass cards to KeyBank
14th October 2005
As part of the ongoing establishment of 'contactless' payment cards in the US, Axalto, an international provider of microprocessor cards, has formed an agreement to supply more than two million MasterCard PayPass cards to online bank KeyBank.
Axalto contactless payment smart cards enable cardholders to complete a payment by tapping their card on the reader or within one inch of a point-of-sale terminal at checkout, instead of swiping their card or handing it to a store employee. The terminal quickly emits a signal acknowledging payment confirmation. The payment transaction is then processed.
The KeyBank MasterCard PayPass card will also include a magnetic stripe, allowing consumers to use it at any location that accepts MasterCard debit cards.
"We chose contactless technology because it saves cardholders time and enhances their payment experience," said Carl Stauffeneger, senior vice president, product management, Key Consumer Product Development. "Axalto was the best choice for these contactless cards because of its experience and reputation in the card industry."
This new solution targets traditional cash-only environments where speed is essential, such as quick service restaurants, gas stations, convenience stores and movie theaters. A growing number of merchants accepting contactless cards include McDonald's restaurants, Meijer retail and grocery supercenter, 7-Eleven.