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Bank ZENIT Commences Issuance of Next Generation MasterCard PayPass® Cards

Global Banking And Finance 1 News

Bank ZENIT offers the new technology on its premium Gold® MasterCard credit cards with a grace period.
The MasterCard PayPass® cards allow fast and safe payment. Once you check the price of a purchase, all you have to do is to tap the PayPass card at a checkout. When you see the light and hear the beep, your payment has been accepted. You do not have to insert your PIN or provide your signature in order to transact a payment below 1000 rubles. In case of a wireless payment over 1000 rubles, you need to enter a PIN and provide your signature. In any case, a MasterCard PayPass card never leaves your hands and you are in control of the entire payment process.
The PayPass card is equipped with the NFC microchip and a radio antenna that transmits payment details from the card to a PayPass terminal at a very short distance. In order to complete a transaction, data exchange with the Bank is carried out just like in a regular terminal. The PayPass terminal switches off when a transaction is complete.
In mid-2012, Bank ZENIT began to implement the MasterCard PayPass® technology at the points-of-sale, which are included in the Bank’s acquiring network. At the present time, the Bank has agreements with merchants/retailers to install more than 700 PayPass terminals.
“This service is most demanded by the points-of-sales with a high customer flow and a low one-time purchase cost, for example, in fast food restaurants and in middle-sized supermarkets. This new generation technology allows reducing purchase time. We have plans to issue the MasterCard PayPass cards of other types, based on a study of the Bank’s clients demand,” commented Alexey Rozorenov, Deputy Chairman of the Management Board of Bank ZENIT.
“This wireless technology gives the cardholders an advantage of being always in control of the payment process. It is a very time-efficient way of payment, once it allows to have an exact payment sum. There is no need to wait for a change and your card never leaves your hands at a checkout. In Russia, the number of MasterCard PayPass® accepting merchants/retailers continues to grow. As with a standard MasterCard, you can make a one-touch purchase being overseas,” explains Anton Shigapov, Vice-President for IT Development in MasterCard Russia team.

Global Banking & Finance Review


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