MasterCard Canada announced that the Canadian Imperial Bank of Commerce (CIBC), the largest issuer of Visa cards in Canada, will be the newest issuer of contactless PayPass-enabled MasterCard credit cards.
CIBC will offer three new PayPass cards, including the CIBC Aventura World MasterCard, the CIBC Dividend Unlimited World MasterCard and the CIBC Aventura MasterCard. Customers can use the new cards to tap and pay for purchases up to $50 without needing to enter a PIN or sign receipts, according to the bank.
Betty K. DeVita, President of MasterCard Canada, comments, “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.”
According to MasterCard, there are more than 19 million PayPass cards in Canada, accepted at some 13,000 merchants, 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.