MasterCard Canada Expands
Contactless Payments Leadership with CIBC
TORONTO, February 1, 2011 – 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 MasterCard.
"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.
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