Bank of Montreal (BMO) has launched a mobile payment application that requires users to attach a sticker to their phone.
BMO personal credit card customers will be able make purchases by tapping their mobile over the PayPass reader at POS devices and will receive instant email verification each time they make a purchase with the MasterCards PayPass technology.
David Heatherly, vice president, payment products, BMO said:
PayPass is part of the movement toward a ‘cashless’ society. Its faster and more convenient than cash or debit, which requires a swipe and PIN.
PayPass technology is already embedded in more than seven million of BMO’s MasterCard credit cards.
Scott Lapstra, vice president, emerging payments, for MasterCard Canada said:
"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."
Paypass tag users will benefit from speed and convenience with the advantage of anti-fraud capability available on BMO MasterCard products.
The launch comes after BMO Harris Bank, the US subsidiary of BMO, has slashed card reward schemes.