A chip-based loyalty program came first. Then, earlier this year, Turkey's Garanti Bank began issuing some 20,000 contactless payment cards with MasterCard Worldwide's PayPass application. It was Europe's first commercial PayPass pilot. The bank hopes to capture more low-value transactions within one of Europe's few genuinely competitive banking markets. "Gimmicks are not the point," says Mehmet Sezgin, head of Garanti's Payment Systems unit. "It's giving consumers something they can use. Banks need to come up with other consumer relationships that drive fresh revenues."
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