Citibank To Launch MasterCard PayPass Keychain For Debit Card Customers
Citibank is entering the contactless payment arena with the new PayPass
keychain. Debit card customers will be able to simply pass the
keychain in front of a special PayPass reader and the funds for
purchases will be deducted immediately from the cardholder's
account. Contactless payment methods are becoming quite
popular amongst consumers, and credit card companies are making an
effort to provide more contactless payment methods in numerous regions
across the country. Contactless payment options are currently
only available in select locations.
The new PayPass from Citibank will have a $150 spending limit per day,
and consumers will receive "Thank You Points" on all debit card
transactions. PayPass will be launched in New York City, with the
rest of the country following closely behind. Contactless payment
methods save consumers valuable time and the credit card companies will
save money and attract new customers. Citibank hopes that the
majority of their debit card customers will take advantage of the new
PayPass key chains. There are currently only a handful of banks
that are offering contactless payment options. The current trend
towards creating contactless payment methods will surely continue to
rise, which will be a great convenience for consumers.
