CIBC has become Canada’s latest issuer of PayPass-enabled MasterCard credit cards, the issuer and card brand announced Feb. 1.
CIBC 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. Each card comes with different rewards and other features, and the annual fees for each range from $39 to $120, CIBC notes in a press release.
“CIBC is the largest Visa credit card issuer in Canada,” Cheryl Longo, CIBC executive vice president, card products, noted in CIBC’s 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.”
According to CIBC, consumers may use the contactless function on the cards for purchases that are less than $50, and they do not need to enter a PIN or sign receipts.
More than 19 million MasterCard credit cards in Canada support PayPass functionality, MasterCard said in a separate release about the CIBC announcement. The card are accepted at more than 13,000 merchant locations in Canada, including Tim Hortons, Petro Canada, Shoppers Drug Mart, Loblaws, Real Canadian Superstore, Toys R Us, M&M Meat Shops and The Second Cup
“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, president of MasterCard Canada, stated in the release.
