Elan Financial Services and Laconia Savings Bank have partnered to provide Laconia Savings Bank customers with MasterCard PayPass contactless payment capability on their debit cards.
According to a news release from Elan, PayPass-enabled debit cards allow cardholders to tap their cards on a specially-equipped merchant terminal. The payments are then processed and completed without the hassle of swiping a card or fumbling for cash and coins. Signatures are not required for PayPass purchases less than $50, further speeding a cardholder's transactions. PayPass cards also include a traditional magnetic stripe so they can be used anywhere MasterCard cards are accepted.
At the end of the second quarter of 2009, nearly 61 million MasterCard PayPass cards and devices were in use at more than 153,000 merchant locations worldwide.
