BMO Bank of Montreal

BMO Bank of Montreal
MasterCard Worldwide

MasterCard Worldwide

September 13, 2011 06:00 ET

BMO First Major Canadian Bank to Roll Out 'Tap and Go' Payment Solution for Mobile Phones

Convenient, fast and secure PayPass technology now available to personal credit card customers who want to use their mobile device to make small-dollar-value purchases.

- More than 25 million Canadians carry a mobile phone.(1)

- BMO study indicates convenience is the primary factor that drives Canadians' choice of payment method.

- BMO Mobile PayPass customers have access to more than 19,000 PayPass-accepting merchant locations in Canada and more than 340,000 worldwide.

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) -

Editors Note: There is a photo associated with this press release.

BMO Bank of Montreal announced today it has launched its Mobile PayPass Tag, a technology that allows BMO personal credit card customers to make purchases through a sticker affixed to their mobile phone and receive an instant email verification of each transaction.

By making the PayPass technology available for use on mobile devices, consumers no longer need to carry cash or coin, or even a purse or wallet, with them to make small-dollar-value purchases. They can just tap their mobile phone over the PayPass reader at the point of sale and the transaction is instantly processed to their BMO credit card account. For purchases under $50, no Personal Identification Number (PIN), swipe or signature is required.

Through MasterCard's inControl platform, BMO's Mobile PayPass Tag users can easily monitor their spending by opting to receive email notifications that report the merchant and exact location of each PayPass purchase they make with their tag. The tag and email notification services are free to BMO MasterCard cardholders. PayPass technology is already embedded in more than seven million of BMO's MasterCard credit cards. The PayPass tag for mobile devices simply makes using PayPass that much easier -- you don't even have to pull your card out of your wallet.

"We know that Canadians' use of cash for smaller-value purchases is based on their desire to get in and out quickly when buying day-to-day items like gas, a quick lunch or a coffee," said David Heatherly, VP, Payment Products, BMO Bank of Montreal. "PayPass is part of the movement toward a 'cashless' society. It's faster and more convenient than cash or debit, which requires a swipe and PIN."

Along with speed and convenience, PayPass tag users have the same zero-liability purchase protection and anti-fraud capabilities available on all BMO MasterCard products. And they can collect the same rewards that they earn on their BMO MasterCard credit card, which means PayPass users earn rewards on their total spend and collect more rewards faster.

Merchant Acceptance of PayPass Technology Growing Quickly

"Canadians tell us they prefer simplified, electronic payment methods. Given the prevalence of smartphones, and a quickly expanding network of PayPass merchants, we think mobile PayPass is poised to take off as a popular payment method for Canadians," said Scott Lapstra, Vice President, Emerging Payments, MasterCard Canada.

According to Mr. Lapstra, PayPass transactions account for nearly 10 per cent of all MasterCard credit card transactions in Canada, with the average PayPass transaction at just over $40 -- and close to 50 per cent of those transactions being for purchases of $25 or less.

About BMO Financial Group

BMO is the largest issuer of MasterCard credit cards in Canada by volume, and now offers the option of a Mobile PayPass Tag for mobile devices. Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $477 billion as at July 31, 2011, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions.

About MasterCard PayPass

MasterCard PayPass is ideal for retail environments where speed and convenience are essential. MasterCard has led the way in bringing contactless payments technology to Canada in consumer categories such as quick-serve restaurants, grocery stores, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theatres, parking, and book stores. There are more than 22 million MasterCard PayPass-enabled credit cards and devices in use at more than 19,000 merchant locations in Canada. Canadians travelling abroad have access to more than 340,000 PayPass-accepting merchants globally, while there are nearly 100 million international MasterCard PayPass-enabled cards and devices worldwide that can be used at accepting merchant locations in Canada. For more information about MasterCard PayPass and a full list of participating merchants, visit

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1 Canadian Wireless Telecommunications Association.

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