Citizens Financial Group Inc. announced Wednesday that it is providing Citizens Bank and Charter One Bank customers with MasterCard PayPass “contactless” payment technology on their debit cards.
To use the feature, Citizens and Charter One customers tap their PayPass-enabled debit cards on the PayPass reader located near the cash register of participating retailers. For PayPass transactions under $25, there is no need for customers to sign a receipt. To signal a customer’s purchase is complete, the reader will flash a light and produce a tone sound.
MasterCard PayPass is now accepted at about 25,000 merchant locations in the United States, at retailers such as McDonald’s, CVS/pharmacy, Duane Reade, 7-Eleven, Regal Cinemas and Wawa. Citizens Bank Park in Philadelphia has also installed PayPass readers at all of its concessions.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“According to our recent research, U.S. consumers are using less cash these days,” said Cathleen Conforti, senior vice president and global PayPass product manager at MasterCard International. “In fact, nearly half of respondents said they carry less cash today than they did five years ago and 60 percent of respondents had only $20 or less in cash on-hand.”
Citizens and Charter One have begun issuing cards with the PayPass option to new customers this month, and the banks plan to replace all other existing cards with the feature in March.
The PayPass technology uses radio frequency technology to transmit payment details wirelessly between the PayPass device and the merchant’s terminal. The transaction is processed through the MasterCard network for clearing and settlement.
Citizens and Charter One are among five other major banks – Citibank, HSBC, MBNA, Key Bank, and Chase – to adopt the PayPass option so far.
