CLEVELAND, April 24, 2019 /PRNewswire/ -- Combining convenience, speed and security, KeyBank today announced the launch of KeyBank Mastercard® contactless credit and debit cards, in partnership with Mastercard and FIS. The new cards—now in issuance—allow clients to make in-store purchases at the speed of a single tap, while providing secure dynamic encryption during the buying process.
"The KeyBank Mastercard® contactless cards demonstrate our commitment to investing in seamless experiences for our customers through increased, intelligent accessibility," said Ken Gavrity, head of KeyBank Enterprise Payments. "We know that consumers value convenience and speed, and our new contactless cards make everyday purchases quick and simple, with the confidence that transactions are secure. We're thrilled to offer our customers this easy-to-use and safe way to pay."
The KeyBank Mastercard® contactless cards feature the latest in contactless chip technology—meaning paying for purchases is a matter of "tap and go" at point of sale terminals. The contactless chip technology provides EMV security, creating a unique code for each individual transaction that allows customers to make secure purchases at a rate 10 times faster than inserting a card.ii
Including both debit and credit cards, the new contactless offering brings KeyBank to the forefront of a payments industry that is embracing contactless technology. Over half of Europeans are already paying with contactless at least once a week, according to Mastercardi, and acceptance of contactless cards is growing significantly in communities across the U.S., with more than half of all card-present transactions taking place at contactless-enabled locations.iii With contactless card acceptance expected to increase, KeyBank understands the importance of providing consumers with a smart solution for all purchases, no matter the size.
"From transit tickets, to morning coffees, people want to go about their every-day life with ease and complete peace of mind, and with contactless, we aim to make transactions quicker, safer and seamless to better fit our customers' lifestyles," said Raj Seshadri, President U.S Issuers, North America for Mastercard.
For more information on KeyBank Mastercard® contactless credit and debit cards, visit key.com/tap.
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $139.6 billion at December 31, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
i Over 175 million Europeans ready to pay with wearable devices, Mastercard, February 22, 2018 ii GFK mystery shopping study, 2017
iii Mastercard Data Warehouse, Q1 2018