BMO Bank of Montreal has launched its Mobile PayPass Tag, a technology that allows BMO personal credit card customers to make purchases through a sticker placed on their mobile phones; customers receive an instant email verification of each transaction.
With PayPass technology available for use on mobile devices, consumers can now walk around without any cash or acoin; in fact they can even leave their purse or wallet at home when making small dollar purchases.
How does the Mobile PayPass Tag work?
As you can see, it is a simple process involved when using the Mobile PayPass Tag; you need to tap your mobile phone over the PayPass reader at the point of sale and the transaction is instantly processed to their BMO credit card account. For purchases under $50, no PIN, swipe or signature is required.
One particular feature I like about BMO’s Mobile PayPass Tag is that through MasterCard’s inControl platform, users can easily monit0r their spending by opting to receive an email notification that reports the merchant and exact location of each PayPass purchase.
To top it all off, the Mobile PayPass Tag and email notification services are all free to BMO MasterCard holders.
With the Mobile PayPass tag at your disposal, you can forget having to pull out your credit card to make a tap and go purchase; now you can just use your mobile device.
Depending on what BMO MasterCard you are using, you are able to continue to earn the same rewards as if you were using your actual credit card at the point of sale.
How safe is the Mobile PayPass Tag?
The Mobile PayPass Tag in all reality is a sticker affixed to your mobile phone, meaning if you were to lose your phone then the person who finds it has access to your credit card. All they have to do is make sure they are making purchases that are less than $50 and they will never be asked for a PIN, swipe or signature.
That being said, PayPass tag users have the same zero liability purchase protection and anti-fraud capabilities that are available on all BMO MasterCard products.
This kind of technology is great, however I still cannot wait for a digital wallet to come on the market for Canadians. In my opinion, this is a pseudo digital wallet, seeing as it requires a stick to be placed on your mobile phone to allow it to make purchases.
However, this is a convenient technology, and I am glad BMO has taken it upon themselves to be the first major Canadian bank to offer a service that comes close to a fully fledged mobile payment technology.
What do you think of the Mobile PayPass Tag?
image source: mag3737