Montreal, 12 May 2009 - National Bank Financial Group* is proud to announce that, effective today, MasterCard credit cards issued by National Bank to new applicants will contain an electronic chip, providing greater security and protection against counterfeit and fraud when cards are lost or stolen. These new cards are also equipped with MasterCard's exclusive "PayPass" functionality.
Additionally, over the next few months, National Bank Financial Group will gradually replace its clients' credit cards with chip-enabled credit cards equipped with a personal identification number (PIN) and the PayPass functionality. The chip card is part of National Bank Financial Group's ongoing effort to enhance customer satisfaction and expand its product range. This new product is being deployed following the excellent results obtained last fall during a pilot project in Saint-Jérôme and Kitchener-Waterloo.
"When it comes to security, National Bank Financial Group has always been proactive, offering clients payment solutions that are efficient, secure and technologically up to date, yet easy to use. With the chip-enabled card, we are providing clients with an added level of protection against cloning and fraud," stated Danny Déry, Vice-President – Retail Products, National Bank Financial Group.
With the chip-enabled card, instead of signing a receipt, cardholders will now have to confirm their transactions by entering a PIN, where technology permits. This new technology will provide added security and make transactions at the merchant go more quickly. In addition, with the MasterCard PayPass feature, clients now have access to a new payment method that speeds up and facilitates small purchases (less than $50 on average) made at participating merchants.
This new chip technology applies to payment services at points of sale and ABMs. These new chip-enabled cards will still be equipped with the traditional magnetic stripe to allow clients to make purchases at all merchants, even those not yet equipped with the new chip technology, and will continue to provide customers with a dependable and secure payment method. The chip-enabled card is a proven technology that is already widely used around the world.
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The Frontier Times: Canada's Payments Journal
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