BMO Bank of Montreal has announced that it will become the first bank in Canada to launch MasterCard’s Mobile PayPass Tag for NFC payments.
BMO customers can attach the tag to their mobile phone to make contactless purchases at the point of sale by simply tapping the phone against a PayPass reader. Once the purchase is complete the user a receives an instant email verification of the transaction.
According to BMO, all purchases are charged to the customer’s existing credit card account. For purchases under $50, no PIN, swipe or signature is required.
The solution also leverages MasterCard’s inControl platform, a free service enables users to monitor their spending by opting to receive email notifications that report the merchant and exact location of each PayPass purchase they make with their tag, according to BMO.
As the largest MasterCard issuer in Canada, BMO reports that it has issued more than seven million PayPass credit cards to date. According to MasterCard, PayPass transactions account for nearly 10% of all MasterCard credit card transactions in Canada.