TORONTO, Feb. 1 /CNW/ - With more than 19 million MasterCard credit
cards in Canada featuring its market-leading PayPass™ contactless payments technology, MasterCard Canada today welcomes CIBC
as a new Canadian issuer of PayPass-enabled MasterCard credit cards.
Earlier today CIBC announced three new MasterCard PayPass-enabled credit cards, including the CIBC Aventura World MasterCard, the
CIBC Dividend Unlimited World MasterCard and the CIBC Aventura
"These new offerings for CIBC customers are an exciting opportunity to
deliver the value MasterCard brings to consumers, merchants and
businesses through our convenient, secure and innovative payment
technologies, including PayPass," said Betty K. DeVita, President of MasterCard Canada. "Canadians have
embraced the tap-and-go convenience of PayPass, which gives cardholders the ability to purchase what they want, quickly,
and without having to rely on cash on hand."
MasterCard PayPass provides a convenient alternative to cash. It removes the need for
consumers to fumble for cash and coins, or swipe a card and sign a
receipt in retail environments where speed of payment processing is
critical such as quick-serve restaurants, drive-throughs, parking lots,
gas stations, and more. Merchants who accept PayPass are seeing speedier checkout lines as cardholders simply tap their PayPass-enabled MasterCard card on a reader and the secure transaction is
completed in a matter of seconds.
Currently there are over 13,000 PayPass accepting merchants in Canada, including Tim Hortons, Petro Canada,
Shoppers Drug Mart, Loblaws, Real Canadian Superstore, Toys R Us, M&M
Meat Shops, and The Second Cup among many others.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself
on being at the heart of commerce, helping to make life easier and more
efficient for everyone, everywhere. MasterCard serves as a franchisor,
processor and advisor to the payments industry, and makes commerce
happen by providing a critical economic link among financial
institutions, governments, businesses, merchants, and cardholders
worldwide. In 2009, $2.5 trillion in gross dollar volume was generated
on its products by consumers around the world. Powered by the
MasterCard Worldwide Network — the fastest payment processing network
in the world — MasterCard processes over 22 billion transactions each
year, has the capacity to handle 140 million transactions per hour,
with an average network response time of 140 milliseconds and with
99.99 percent reliability. MasterCard advances global commerce through
its family of brands, including MasterCard®, Maestro®, and Cirrus®; its
suite of core products such as credit, debit, and prepaid; and its
innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than
210 countries and territories. For more information, please visit us at
www.mastercard.com. Follow us on Twitter: @mastercardnews.
SOURCE MasterCard Canada
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