Chase Paymentech Solutions Becomes First Canadian Acquirer Approved by MasterCard to Process Chip Transactions

MasterCard Canada today announced that Chase Paymentech Solutions has become the first acquirer in Canada to receive approval from MasterCard to process chip transactions. Chase Paymentech's approval sets the stage for the introduction of MasterCard chip cards in 2007.

"The transition to chip is the most significant evolution of the Canadian payments industry since the introduction of the credit card in the 1960s," said Sam Jawad, President, Chase Paymentech Canada. "We are pleased to be the first Canadian acquirer to earn MasterCard approval for processing chip transactions. And, our merchant customers will be pleased, too, as we begin to work with them to upgrade their checkouts and point-of-sale devices to accept chip cards."

MasterCard's strategy for helping issuers', acquirers' and merchants' transition to chip is based on following customer-friendly principles and a commitment to cost reduction. Rather than imposing hard and fast threshold dates for the transition to chip, MasterCard is helping organizations identify the business opportunity in chip and plot a business strategy to enable it.

"Chase Paymentech has played a significant role in strengthening our relationship with merchants and we look forward to continuing to work together to introduce chip to their merchant customers in the coming months and years," said Kevin Stanton, President, MasterCard Canada.

"From 'Tap & Go' payments with PayPass to Chip and PIN, MasterCard is advancing the Canadian payments industry. MasterCard and Chase Paymentech will help reduce the cost of chip implementation and ease the transition to chip by helping businesses become chip-ready in conjunction with their regular equipment and system upgrades," said Stanton.

About Chase Paymentech Solutions

In Canada, Chase Paymentech Solutions is headquartered in Toronto, Ontario and is an affiliate of Chase Paymentech Solutions, LLC. As a leading payment processor and a single source for debit and all major credit cards, the company offers a full suite of advanced payment solutions, including point-of-sale and wireless terminals, electronic gift card programs and secure e-commerce capabilities.

Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the world's largest merchant acquirer for businesses accepting payments via traditional point-of-sale, hospitality, Internet, catalogue and recurring billing. The privately held company is an end-to-end processor for merchants of all sizes and industries. Chase Paymentech processed approximately 15.5 billion transactions in 2005, with more than $560 billion in annual bankcard and debit volume in both Canada and the United States. Chase Paymentech's customer base includes more than 600,000 merchants, with nearly 1 million locations across Canada and the United States.

About MasterCard Worldwide

MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 14 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com.

For further information: Sam Jawad, Chase Paymentech Solutions, (416) 940-6250, sam.jawad@chasepaymentech.ca; Julie Wilson, MasterCard Canada, (416) 365-5594, julie_wilson@mastercard.com

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