Minneapolis and Laconia, N.H., Nov. 5, 2009 -– 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. The PayPass-enabled cards offer Laconia Savings Bank's cardholders a faster, more secure way to pay and a more convenient shopping experience by enabling "Tap & Go™" payments.
PayPass-enabled debit cards allow cardholders to simply 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 under $50, further speeding up a cardholder's transactions. PayPass cards also include a traditional magnetic stripe so they can be used anywhere MasterCard cards are accepted.
"MasterCard PayPass is a great example of Laconia Savings Bank's commitment to continually evolving our services and offerings to bring added value and convenience to our customers," said Mark Primeau, President and CEO of Laconia Savings Bank. "MasterCard PayPass is simpler and faster than cash, enabling our cardholders to enjoy a quicker, more convenient payment option."
"Laconia Savings Bank has taken an innovative and forward-thinking approach to bringing value to each interaction with its cardholders," said Richard "Troy"
Cullen, business manager of Elan Financial Services. "As the payments landscape continually changes, cardholders are looking for easier and more convenient ways to pay for purchases, and financial institutions like Laconia recognize the importance of harnessing the latest technology and offering it to their cardholders. Elan is pleased to have partnered with both MasterCard and Laconia to facilitate this capability and looks forward to working further with Laconia to help integrate and enhance PayPass functionality for its cardholders."
MasterCard PayPass is ideal for traditional cash-heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quick serve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q2 2009, there are nearly 61 million MasterCard PayPass cards and devices in use at more than 153,000 merchants worldwide. According to U.S. MasterCard research, consumer preference and satisfaction is driving PayPass growth and usage. About 94 percent of PayPass-using respondents in a 2008 MasterCard PayPass Benchmark Study were satisfied with their experience, and 77 percent of PayPass consumers said they use PayPass as their primary card for everyday purchases.
Laconia Savings Bank began providing new customers with PayPass-enabled debit cards in September and will begin replacing all other existing customers'
debit cards with PayPass-enabled debit cards upon renewal or request.
About Laconia Savings Bank
Laconia Savings Bank has been serving New Hampshire residents and businesses since 1831. Throughout their history they have provided financial and volunteer support to many worthwhile organizations throughout the state and are dedicated to enhancing the quality of life in New Hampshire. They currently have 19 office locations throughout the state and are the largest community bank in New Hampshire.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com .
About Elan Financial Services
Elan Financial Services provides a complete range of EFT processing and payments services including ATM and debit card processing, credit card issuing and prepaid card solutions. Elan Financial Services provides transaction processing, terminal driving and the necessary monitoring and support services for over 31,000 ATMs nationwide, supports more than 18 million ATM and debit cards and is a leading credit card issuer for more than 1,500 clients in 50 states. Elan also owns and operates the MoneyPass surcharge free ATM network. For more information call
800-343-7064
, or visit them online at www.elanfinancialservices.com .Source: Company press release.
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