In 2009 BMO and MasterCard teamed up to trial mobile payments on BlackBerry devices. At the time the select user group fixed the “PayPass Mobile Tag” to the back of their device – a sticker with a chip inside – waived it in front of a PayPass terminal at were able to pay for items via their smartphone. While most new devices today are coming with NFC capabilities (Near Field Communications), this process of mobile payment is not revolutionary, but desperately needed in Canada.
The latest stat showed that 12.3% of Canadian wireless subscribers use mobile banking. This is about to drastically change as BMO has officially announced that their free “PayPass Mobile Tag” is available to masses – and one step closer to a “cashless society”. In total there are over 19,000 Canadian PayPass merchants (340,000 worldwide) and similar to the trial from a couple years ago, those who have a BMO personal credit card are able to make purchases that are $50 and under from your mobile device. All you have to do is place the sticker on the back of your phone and “Tap and Go” (no PIN, swipe or signature required), you’ll then be sent an e-mail verification of the transaction and be billed to your credit card.
Security is probably the biggest concern for Canadians, rest assured though, BMO says that “PayPass tag users have the same zero-liability purchase protection and anti-fraud capabilities available on all BMO MasterCard products”.
To get your Mobile PayPass Tag you can call BMO at 1-800-263-2263.
Source: BMO
Via: MarketWire
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