Union Bank Launches New ''Tap & Go(TM)'' Debit Cards for Streamlined Transactions
March 12 2008 - 11:00AM
Business Wire
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.
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