New Study: Canadians Lose Precious Time Every Day Doing Routine Transactions - Capital One Offers PayPass Contactless Technology to Help Consumers Save Time



    TORONTO, May 20 /CNW Telbec/ - A new survey by Capital One Canada shows
that individual Canadians spend more than 115 hours - almost five days - each
year waiting in line and paying for daily purchases. While these small
purchases are part of their daily routines, frustration becomes an added cost
for their morning coffees, daily newspapers, gas, movie rentals and similar
items for even the stereotypically patient Canadians. In fact, more than
one-third (38%) of Canadians report being frustrated waiting for the person in
front of them to pay.
    Faced with a long wait in line, an overwhelming 71% of Canadians try to
manage their frustration with a reminder of the adage that "patience is a
virtue." However, despite such reminders, slightly more than one-fifth of
these (21%) are not above complaining to other customers in the line-up. Even
more significant is the fact that nearly another quarter (24%) said that they
abandon their purchases and leave the store. This study demonstrates the value
that Canadians place on their time and highlights the need for improved
consumer spending experiences.
    Capital One Canada is equipping cardholders with MasterCard PayPass
technology to help cardholders save time when making small everyday purchases.
Eliminating the hassle of digging for cash or signing a receipt, the PayPass
card features technology that allows cardholders to simply tap their card or
device on the PayPass-enabled reader at a variety of retail locations, such as
grocery stores, coffee shops, movie theatres, gas stations, concession stands,
quick-serve restaurants and other emerging acceptance locations. According to
MasterCard research, PayPass technology offers a 40% reduction in wait time at
drive-thru and quick service restaurants and a 15-20% reduction in wait time
at stores.
    "Convenience, speed and security are valuable commodities these days and
it was an obvious choice for us to provide MasterCard PayPass technology to
our customers," said Bill Cilluffo, President, Capital One Canada. "PayPass
technology provides a 10-40% reduction in transaction time, which means that
we can help Canadians save between 28 and 46 hours a year as they make daily
purchases."
    "PayPass was specifically designed to offer a convenient and easy
alternative to paying with cash," says Kevin Stanton, President, MasterCard
Canada. "By offering PayPass technology to its customers, Capital One is
offering improved experiences for cardholders and access to a more efficient
system of commerce that makes transactions faster, easier and more secure."
    "It's the same Capital One card, just even more convenient," said
Cilluffo. "It still works everywhere MasterCard is accepted, and it still
offers the security of Zero Liability on unauthorized use."

    
    PayPass offers 'hassle-free' benefits, including:

    - Convenience - Customers may use their PayPass-enabled MasterCard at
      payment terminals displaying the PayPass logo. PayPass cards can also
      be used in the traditional manner anywhere MasterCard is accepted
      around the world, including online and over the phone.
    - Speed - It's a fast and convenient payment option so that customers no
      longer need to fumble for cash and coins, swipe a card or sign a
      receipt.
    - Safety and security - The PayPass device never leaves customers' hands
      and customers have the benefit of Zero Liability for unauthorized use.
      They simply tap their PayPass card or device against the reader at
      checkout and wait for the 'beep' to confirm that the transaction has
      been processed.
    - Budgeting Assistance - Paying for small transactions with a credit card
      allows for better record keeping than cash so customers can keep track
      of those daily transactions that add up.
    

    For more information about Capital One MasterCard with PayPass, visit
www.capitalone.ca/paypass.

    About the Survey

    These are the findings of an Ipsos Reid poll conducted on behalf of
Capital One from April 29 to May 1, 2008. For the survey, a representative
randomly selected sample of 1000 adult Canadians was interviewed by telephone.
With a sample of this size, the results are considered accurate to within
+/-3.1 percentage points, 19 times out of 20, of what they would have been had
the entire adult population of Canada been polled. The margin of error will be
larger within regions and for other sub-groupings of the survey population.
These data were weighted to ensure that the sample's regional and age/sex
composition reflects that of the actual Canadian population according to
Census data.

    About Capital One Canada

    Located in Toronto, Ontario, Capital One has offered Canadian consumers a
range of competitive MasterCard(R) credit cards since 1996, when the company
first introduced the Platinum MasterCard(R) in Canada. Capital One Canada is a
division of Capital One Bank, a subsidiary of Capital One Financial
Corporation of McLean, Virginia (NYSE:   COF).

    MasterCard is a registered trademark and PayPass and Tap & Go are
trademarks of MasterCard International Incorporated.




For further information:

For further information: Pam Girardo, (416) 549-2783,
pam.girardo@capitalone.com

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