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National Bank of Canada to offer contactless payment option

National Bank of Canada has announced that it will integrate the contactless PayPass payment option into smart credit cards to be issued as part of its pilot project in Quebec.

The new service offers users a simpler way to pay for low-value purchases, typically under $50, by tapping their card on a PayPass reader to complete transactions up to the limit established by the merchant.

The bank said that with this new payment system, merchants no longer need to handle small bills and coins, have clients sign a sales slip or swipe or insert a credit card into a terminal.

Paolo Pizzuto, vice president of electronic payment solutions at National Bank, said: The contactless PayPass payment method makes it quicker and easier for clients to make minor purchases without having to worry about finding the exact change.