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All-in-one credit, debit, contactless, display screen unveiled in Belgium


Banca Monte Paschi Belgio and MasterCard launched the "PaschiCombo" card in Belgium, the first in the world to combine a Maestro debit card on one side and MasterCard credit card on the other.
 
It also has a display screen that replaces the holder's card-reader for securing transactions online. 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 standard

 
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," says 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," says 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 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.

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.  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," says 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," says David Dechamps from MasterCard Europe.
 
All current customers at Banca Monte Paschi Belgio will receive the new PaschiCombo card. For new customers, the PaschiCombo care will be available from all branches or online via the website at www.paschicombo.be.
 
The fee charged for the PaschiCombo card will depend on the ceiling for the line of credit granted to the user:
 
 

Ceiling

Annual fee

€ 0

€ 25

between € 0 and € 2500

€ 50

Over € 2500

€ 75

 
Users who do not have a line of credit can also use a PaschiCombo card, which will enable them to benefit from MasterCard's acceptance worldwide, but without necessarily having to open a line of credit. In cases where users wish to make a payment where only MasterCard is accepted (for example at a merchant's website or when abroad), they can use the MasterCard function of their PaschiCombo card. Where there is no line of credit in place, the maximum amount users can spend will depend on the balance of their current account. The transaction will then use the MasterCard protocol and acceptance network, but to all intents and purposes will function like a debit transaction.
 
[Note: No information is available yet on whether or when such a card will debut in other areas.]
   
[This article was posted on November 8, 2012, on the website of ABA Banking Journal, www.bankingexchange.com.]             

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