Central Bancompany, a community bank holding company based in Jefferson City, Mo., announced it is providing customers with MasterCard(R) PayPass(TM) contactless payment technology. It is the first community bank holding company to announce it is issuing PayPass cards, the first Missouri-based financial services company to issue the cards, and it is offering the technology on debit cards. The PayPass-enabled cards offer debit cardholders at 12 of Central Bancompany’s banks throughout Missouri a fast, secure way to pay and a more convenient shopping experience by enabling “Tap & Go” payments.
Member banks currently offering this new technology to its customers include: Boone County National Bank, Columbia; Central Bank of Lake of the Ozarks, Osage Beach; Central Trust Bank, Jefferson City; City Bank and Trust Company, Moberly; Empire Bank, Springfield: First Central Bank, Warrensburg; First National Bank of Audrain County, Mexico; First National Bank of Missouri, Lee’s Summit; First National Bank of St. Louis, Clayton; Jefferson Bank of Missouri, Jefferson City; Ozark Mountain Bank, Branson; and Third National Bank, Sedalia.
To use the feature, Central Bancompany customers simply tap their PayPass- enabled debit cards on a specially equipped merchant terminal. PayPass allows payments to be completed quickly, securely and easily, without the hassle of swiping a card or fumbling for cash and coins. Signatures are not required for PayPass purchases under $25, further speeding a customer’s transactions.
“MasterCard PayPass is a great example of Central Bancompany’s commitment to continually evolving our services and offerings to bring added value and convenience to our customers,” said Bryan Cook, president and chief operating officer of Central Bancompany. “MasterCard PayPass is simpler and faster than cash, enabling our cardholders to enjoy a quicker, more convenient payment option.”
“According to our research, U.S. consumers are using less cash these days. In fact, nearly half of respondents said they carry less cash today than they did five years ago and 60 percent of respondents had only $20 or less in cash on hand,” said Roy Dunbar, president of MasterCard Global Technology and Operations. “MasterCard PayPass is a contactless payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases.”
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 and parking garages. As of 2Q 2007, PayPass is currently accepted globally at more than 55,000 merchant locations, including participating 7-Eleven, CVS, McDonald’s, Regal Entertainment Group theaters and many others. PayPass is also accepted at numerous football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit http://www.mastercard.com/paypass.
Central Bancompany began providing customers with PayPass-enabled debit cards in July.
About Central Bancompany
Central Bancompany is a full-service financial institution based in Jefferson City, Missouri, with $7.8 billion in assets, 14 member community banks, and approximately 175 locations serving markets in Missouri, Illinois, Kansas, and Oklahoma.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 16 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories.