World first for Belgium: Banca Monte Paschi Belgio and MasterCard […]
World first for Belgium: Banca Monte Paschi Belgio and MasterCard launch the first payment card combining debit, credit, display screen and contactless payment facilities. “PaschiCombo”: the most innovative payment card in the world, accepted across the most extensive network in the world
On Monday, 5 November, Banca Monte Paschi Belgio and MasterCard will launch the “PaschiCombo” card in Belgium. A genuine technology powerhouse, this payment card is the first in the world to combine so many functionalities and innovative features. A Maestro® debit card on one side and MasterCard® credit card on the other, the PaschiCombo card also has a display screen that replaces the holder’s card-reader for securing transactions online. Finally, the card also features the PayPass™ functionality to enable contactless payments.
The new PaschiCombo card combines the various different payment technologies usually found these days in the consumer portfolio. This means that the PaschiCombo card enables users to benefit from an all-in-one solution, giving them access to the world’s most extensive network of card-accepting merchants. By launching this new product, Banca Monte Paschi Belgio and MasterCard aim to offer a truly innovative method of payment in Belgium that is both useful and practical, while guaranteeing the same or even better security standards.
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Two partners with the same thirst for innovation in Belgium
It was a logical step for Banca Monte Paschi Belgio to work on this project with MasterCard, a partner that shares the same vision focused on innovation. The Monte dei Paschi Group began innovating as early as 1472 by inventing the concept of banking as we know it today.
“We may be the oldest bank in the world today, but we also want to be the most innovative,” explains Dino Albanese, member of the Management Committee at Banca Monte Paschi Belgio. “The PaschiCombo card is without doubt the most innovative card in the world, accepted by the most extensive network in the world. We want to bring a truly unique payment solution to our customers, one that will make life easier for them.”
“For MasterCard, this association with association Banca Monte Paschi Belgio is the stuff of dreams,” continues David Dechamps, General Manager, Belux at MasterCard Europe. “We have combined our expertise with Banca Monte Paschi in order to open up new horizons in terms of payment methods.”
The multifunction payment card accepted more than any other in the world
The PaschiCombo card combines both the Maestro debit card (“pay now”) on one side and the MasterCard credit payment card (“pay later”) on the other. This makes the card the most widely accepted in the world: whether the payment terminal accepts Maestro (14 million merchants around the world), MasterCard (34 million merchants around the world), or both, users can always pay with their PaschiCombo card. When they want to make a purchase, they simple insert their PaschiCombo card into a conventional payment terminal and use the keypad to select to pay with Maestro for a debit payment or with MasterCard for a credit payment.
Secure online payments without a card-reader
The PaschiCombo card also features a display screen – a technology hitherto unknown on the Belgian market. The display screen enables online payments to be secured. Once users have opted to pay by Maestro or by MasterCard, all they have to do is press the button on their PaschiCombo card to generate a unique use code on the display screen. This code will be used to secure the transaction. This means that users will no longer have to use their card-reader to confirm a purchase online.
No solution for the future without the PayPass function
To enable it to provide a comprehensive solution for the future, the PaschiCombo card also features PayPass, the contactless payment technology from MasterCard. “A payment card that didn’t allow contactless payment could not really be called a card with technology for the future,” explains Dino Albanese. As Belgium is following the trend that is already widespread elsewhere in the world, consumers can expect to see this new technology rolled out in the months and years ahead. “2013 will be a pivotal year in this area. We will be seeing the first use of contactless terminals in a range of different sectors,” states David Dechamps from MasterCard Europe.