Íslandsbanki launches contactless payment cards

18.11.2014
Íslandsbanki will in upcoming weeks issue a new generation of payment cards with additional functionality than the existing ones – cards with contactless technology. In conjunction with the change, Islandsbanki will moving forward only issue MasterCard cards and discontinue to issuing VISA.

A new type of debit card
Debit MasterCard is a new type of debit card and it has several advantages over existing cards. This includes contactless payments and also makes e-commerce easier. In addition, consumers can benefit from MasterCard’s worldwide acceptance network.

Contactless credit
The new MasterCard credit cards will include MasterCard contactless technology. With the contactless functionality, users can pay for goods by holding the card to the card reader without any contact – meaning the need for a PIN code will vastly decrease. For safety concerns payment solutions will be a maximum of 4,200 ISK. Contactless payment methods have emerged in the recent years and its safety has been fully tried and tested.

Sveinbjörn Snorri Grétarsson, Executive Director of ÍSB Cards commented:

"With the partnership with Mastercard, Íslandsbanki is further increasing the product choice for its customers, answering the specific needs of the clients, and thus strengthening Íslandsbanki position in the payment cards segment. Our partnership with Mastercard, one of the world’s leading brands, is strong and growing and we are delighted to offer those exciting new cards and services to our customers. Íslandsbanki further strengthens its position in the Icelandic card markets with its partnership with Mastercard."


Bart Willaert, manager of MasterCard in the Nordic-Baltic region, says:

"We are delighted about the partnership with Islandsbanki that now means Iceland is taking a first step towards becoming not only cashless, but also contactless. Icelanders are true pioneers when it comes to electronical payments and with MasterCard, payments will get even easier, faster and safer – both online and in stores around the world."

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