Canadian Imperial Bank of Commerce has become Canada's latest issuer of MasterCard Inc.'s contactless PayPass credit cards.
CIBC announced Tuesday that it is offering three MasterCard PayPass-enabled credit cards, including the CIBC Aventura World MasterCard, the CIBC Dividend Unlimited World MasterCard and the CIBC Aventura MasterCard.
The annual fees for each range from $39 to $120, CIBC said in a press release.
"CIBC is the largest Visa credit card issuer in Canada," Cheryl Longo, CIBC's executive vice president for card products, said in a press release. "Through the launch of our new MasterCard products today, we can now offer consumers more rewards, more features and more choice in credit cards."
In October CIBC became the first Canadian issuer of Visa Inc. debit cards.
CIBC said consumers may use the contactless function on the MasterCard PayPass cards for purchases that are less than $50 without needing to enter a PIN or sign receipts.
More than 19 million MasterCard credit cards in Canada support PayPass functionality, MasterCard said. The cards are accepted at more than 13,000 merchant locations in Canada.
"Canadians have embraced the tap-and-go convenience of PayPass, which gives cardholders the ability to purchase what they want, quickly, and without having to rely on cash on hand," Betty K. DeVita, the president of MasterCard's Canada business, said in a press release.
