MasterCard recently announced it will pilot PayPass, a contactless payment system, in Canada in conjunction with Peoples Trust and Mint. The companies are the first to issue and support this card in Canada. The further step to add a prepaid functionality is a worldwide first. Mint will leverage its electronic payments platform in conjunction with prepaid functionality and MasterCards PayPass platform to offer services and features under the PayMint brand name. A MasterCard prepaid card enables its user to store or set aside money in a financial account that can be accessed for purchases wherever MasterCard is accepted, including the Internet and ATM cash withdrawals. MasterCard PayPass is a contactless payment program that uses radio frequency technology. To pay, consumers simply tap their PayPass-enabled device on a specially equipped merchant terminal, eliminating the need to swipe a card through a reader. MasterCard PayPass is being developed to work in a variety of forms, such as key fobs and mobile phones. In October, Motorola announced it will conduct a field trial of mobile phones enabled with MasterCard PayPass capability. Peoples Trust of Vancouver will be responsible for card issuance.
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