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WaMu expects to be largest U.S. issuer of PayPass debit cards
April 7, 2008
SEATTLE — Washington Mutual is jumping on the contactless bandwagon this year with its WaMu Debit MasterCard with PayPass.
MasterCard PayPass is a contactless-payment feature that allows ‘Tap & Go!' payments.
According to a news release, WaMu expects to issue between 12 million and 15 million of the PayPass cards in 2008, making it the nation's largest issuer.
At the end of 20007, more than 23 million PayPass cards and devices were in use globally, WaMu says.
"Our ability to offer customers a fast, convenient and secure way to make their everyday purchases is completely consistent with WaMu's ‘simpler banking' approach," said Nandita Bakhshi, division executive for consumer deposit products. "Studies show that MasterCard PayPass cards have shorter transaction times than cash or signature transactions, and we believe the added ease and convenience is a benefit WaMu customers will appreciate."
Merchants that accept PayPass include AMC Theaters, BestBuy, CVS, 7-Eleven, McDonald's, Office Depot, Petco, and Tully's.
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