No Swiping Required

1 decade 1 year 9 months ago Friday, September 07 2007 Sep 7, 2007 Friday, September 07, 2007 4:22:11 AM CDT September 07, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
O'FALLON (AP) - MasterCard Worldwide says that Central Bancompany will become the first bank of its kind to offer "PayPass" debit cards that don't need to be swiped to make a purchase. The technology is already widely used in credit cards and national banks, but Central Bancompany is the first community bank holding company to offer the product. The Jefferson City-based company owns 14 banks throughout Missouri, Oklahoma, Kansas and Illinois. The PayPass cards contain a chip that constantly emits a signal. When passed in front of a special receiver, the signal communicates the purchase information in less than a second. The two firms announced the deal yesterday at MasterCard's data center in O'Fallon.

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