Washington Mutual, one of the nation’s largest financial institutions, expects to issue 12 to 15 million Debit MasterCard with PayPass in 2008. This will make it the nation’s largest issuer of contactless payment, according to the financial institution.
WaMu launched Debit MasterCard with PayPass in January, offering the card to new customers, as well as to all WaMu Small Business customers. In March, the bank began issuing Debit MasterCard with PayPass to customers whose debit cards are renewing.
“Our research shows that cardholders who use their MasterCard PayPass cards tend to make them their preferred cards, which will deliver an economic benefit to WaMu by driving its cards to the ‘top of wallet'” says Bill Mathis, group executive, of U.S. relationship management at MasterCard Worldwide.
WaMu’s Debit Mastercard PayPass option transfers funds by tapping the card on a point-of-sale terminal reader at participating merchants rather than swiping a card. The PayPass cards are processed through the same financial payments networks that process millions of magnetic stripe and chip card transactions securely.