Unionbancal (NYSE:UB)
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In a continuing effort to be an industry leader in convenience and
service, Union Bank of California, N.A., announced it will provide
banking customers with MasterCard® PayPass™
contactless payment technology on their debit cards. PayPass
offers simpler, speedier card transactions at merchants worldwide by
enabling “Tap & Go™”
payments.
As one of the first California-based banks to offer PayPass,
Union Bank’s launch will further accelerate
adoption of the technology, which MasterCard Worldwide says will reduce
the amount of time consumers spend in lines. “This
will allow our cardholders to get through the checkout faster, with more
convenience,” said Arno Hesse, Union Bank of
California executive vice president and head of retail market segments.
According to a recent survey by MasterCard, U.S. consumers are using
less cash these days. In fact, 76% of respondents believe that it is no
longer necessary to have lots of cash on hand and two-thirds of
respondents (66%) use cash less often than five years ago to make
purchases.
“We are always looking for ways to offer
cardholders features that add value and convenience,”
Hesse said. “With MasterCard PayPass,
our customers will have a more convenient payment option that is simpler
and quicker than cash. It is an extension of our commitment to serving
them when, where and how they like to bank,”
he added.
“By introducing the benefits of speed and
convenience to cardholders with MasterCard PayPass, Union Bank of
California is helping to ensure that its debit card is the preferred
card in the wallet of its customer,” said
Bill Mathis, group executive, US relationship management, MasterCard
Worldwide. “Offering PayPass will
differentiate Union Bank of California from its competition and drive
its bottom line as more transactions, especially those that were
traditionally made with cash, shift to its card portfolio.”
To use the feature, Union Bank customers tap their PayPass-enabled
debit cards on a PayPass reader located at the point of sale of
participating merchants. For transactions under $25, most merchants don’t
require customers to sign a receipt. To signal a customer’s
purchase is complete, the reader will flash a light and produce a tone
sound. The Union Bank of California Debit MasterCard PayPass card
also has a traditional magnetic stripe and can be used anywhere Debit
MasterCard cards are accepted.
Beginning March 17 in the Los Angeles market, 100,000 Union Bank Debit
MasterCard cardholders will be issued replacement cards equipped with PayPass
technology. The rollout will continue statewide until nearly one million
Union Bank debit cardholders eventually receive them. The card will
automatically be issued to all new debit customers.
MasterCard PayPass is ideal for traditional cash-heavy
environments where speed is essential, and has led the way in bringing
contactless technology to consumer categories such as quick serve
restaurants, drug stores, gas stations, vending machines, convenience
stores, sports arenas, movie theaters, transit systems and parking
garages. PayPass is accepted globally at more than 95,000
merchant locations, including CVS, Regal Cinemas, McDonald’s,
7-Eleven, Whole Foods, and Office Depot.
About Union Bank of California
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank
holding company with assets of $55.7 billion at December 31, 2007. Its
primary subsidiary, Union Bank of California, N.A., had 330 banking
offices in California, Oregon and Washington, and 2 international
offices at December 31, 2007. The company's Web site is located at www.unionbank.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical
economic link among financial institutions, businesses, cardholders and
merchants worldwide. As a franchisor, processor and advisor, MasterCard
develops and markets payment solutions, processes over 18 billion
transactions each year, and provides industry-leading analysis and
consulting services to financial institution customers and merchants.
Through its family of brands, including MasterCard®,
Maestro® and Cirrus®,
MasterCard serves consumers and businesses in more than 210 countries
and territories. For more information go to www.mastercard.com.