| BMO
Widens the Gap Over Competitive Loyalty Reward Programs With Introduction
of Interac Online Payment Service Toronto, Ontario, November 29, 2007 – BMO Bank of Montreal has just made holiday shopping a whole lot easier, safer and more rewarding for millions of its banking customers with news that it has added INTERAC Online payment services to a growing array of convenient payment options. Starting today, BMO Bank of Montreal customers who make purchases over the internet at participating retailers can have their purchases debited directly from a BMO Bank of Montreal chequing or savings account that is linked to their debit card for the purpose of making payments. INTERAC Online is
secure and easy-to-use because it works with BMO’s
existing online banking services. Since the transaction is conducted
within the customer’s online bank account, no card number or other
personal banking information is shared with the online merchant and there
is no need for any new passwords to be memorized. “The ability to pay for purchases directly from your bank account will be welcome news for anyone who loves the speed and convenience of shopping online,” said Michel Chalifoux, Vice-President, Card & Retail Payment Services. “The timing of our announcement is ideal. We’re just beginning the holiday shopping season and online shoppers are typically early-bird holiday season shoppers because they know they have to leave enough time for shipping and delivery,” stated Mr. Chalifoux. “Shopping with Interac Online is exactly like shopping by debit. With the Integration of Interac Online payments into our AIR MILES reward program, BMO now has, unquestionably, the most complete rewards offering of any Canadian bank. There really isn’t another Canadian financial institution that can match the level of choice and flexibility that we provide for earning rewards,” said Ms. Kilpatrick “If you’re an AIR MILES Collector, and millions of Canadians are, this is an ideal time and way to get a big bang out of your shopping dollar, because now you can earn reward miles on practically every dollar you spend regardless of how you pay, be it credit card, debit card or through Interac online,” she added. AIR MILES Collectors currently represent nine million active collector accounts or approximately two-thirds of Canadian households. In June, when BMO introduced a debit card component to its existing credit card reward program, the bank stated its number one priority was to attract new customers and build lasting relationships with them. Ms. Kilpatrick believes the Interac Online payment feature will attract more Collectors to BMO. “Adding another payment option to a growing array of options that help our customers earn AIR MILES reward miles faster further strengthens BMO Bank of Montreal’s appeal to the serious rewards collector and solidifies our leadership position in the rewards market,” she stated. By offering INTERAC Online to millions of BMO Bank of Montreal customers, BMO continues to expand and enhance its suite of electronic products and services to ensure its customers have the most innovative, secure, convenient and user-friendly payment options at their disposal 24 hours a day.
About BMO Bank of Montreal - 30 - BMO Bank of Montreal Ralph Marranca, Toronto, ralph.marranca@bmo.com,
(416) 867-3996 |