‘World Debit’ premium card launched
KeyBank has become the first bank to launch the World Debit premium debit and rewards card, which feaures MasterCard’s PayPass contactless payment function.
The US bank says the card will provide its consumers with rewards and savings opportunities, purchase protection, and security benefits.
“The KeyBank World Debit MasterCard is a significant breakthrough in KeyBank’s ability to meet the needs and preferences of its diverse customers with a premium payment product,” said Carl Stauffeneger, senior consumer product manager at KeyBank, a wholly owned subsidiary of KeyCorp.
Cardholders are eligible for discounts on a variety of products and services, and have access to enhanced customer service and security features. The PayPass functionality will enable cardholders to make contactless POS payments at more than 141,000 merchants.
The card is designed to maximize the benefits for affluent consumers who choose debit as their method of payment. MasterCard saysn that, like other financial demographics, these consumers are increasingly turning to debit cards for their everyday purchases to help manage their spending. The card network says its research has found that nearly 24% of these consumers use their debit card daily.
Debit remains the fastest growing form of payment as consumers continue to migrate to electronic payments and away from cash and checks.
Features of the World Debit card include:
– Premium-level access to MasterCard Savings, which provides cardholders with merchant-funded discounts and special offers from thousands of merchants (standard access is free to all cardholders). Premium-level access, a US$29.95 annual value that is included in this programme at no cost, enables cardholders to get enhanced savings (ranging from 20-50%), as well as limited-time offers and special events.
- Personal security benefits, including Zero Liability to prevent liability in the event of unauthorized use of a card, ID Theft Resolution that provides credit bureau notification, ID Theft Affidavit and other services, and Wallet Protection for reporting and locking out lost or stolen cards.
- Programmes for Purchase Assurance, Satisfaction Guarantee, Price Protection and Extended Warranty. - Financial controls, including Overdraft Protection.