Case Study

Matica Helps to Provide a New Wave of Visa Contactless Payments For Bank of Cyprus

@ Mellon (Cyprus) Ltd - Mellon (Cyprus) Ltd

The Bank of Cyprus is the biggest in the country and employs 4,279 staff worldwide, (4,000 in Cyprus). There are 130 branches / business offices; 125 of these operate in Cyprus.


In a bid to continue leading the country’s market, the Bank of Cyprus wanted to find an innovative way of remaining competitive. By offering customers a convenient, efficient means of making contactless payments on purchases with a sticker (originated by Gemalto) that can be placed on a separate device such as a mobile phone the bank has succeeded (if not exceeded) in its goal.


The Bank of Cyprus’ ‘Tagpay’ stickers are a cost-effective marketing strategy to set them apart from the competition. Since its inception, more than 30,000 cards have been issued.


    • The bank issues Visa certified payment cards to produce the ‘Tagpay’ stickers.
    • Smart ‘Tagpay’ stickers can be affixed to mobile phones or other mobile devices to make fast contactless payments on purchases.
    • ‘Tagpay’ stickers don´t require a PIN for transactions of up to €20 in Cyprus (amount may vary for transactions abroad).
    • Sticker provides cash-free ecosystem replacing small cash transactions.


  • ‘Tagpay’ stickers and the wearables are EMV compliant.



Feeling the pinch from emerging competition, the Bank of Cyprus decided to exploit Gemalto’s emerging technology in Optelio Contactless Stickers and created their own contactless Visa ‘Tagpay’ sticker to counter the mounting challenges from other (and new) banks and to offer something new.

With its broad proposition of Visa cards, the Bank of Cyprus decided to work with Matica’s long-term partner in the region, Mellon Cyprus, and systems integrator Gemalto, (provider of the software solution and contactless stickers).

Available in light grey and a dark grey color, the card simply sticks onto any device the consumer deigns fit to use as his/her wallet, the most common being a mobile phone. This allows consumers to quickly present their mobiles to a POS terminal (with contactless technology) to make a fast and secure transaction – both at home and overseas.

Used in the same way as a contactless credit, debit or prepaid card, the ‘Tagpay’ card can process purchases under €20 (within Cyprus) and for extra security, a PIN is required for purchases over €20.

The ‘Tagpay’ card also collects the Bank of Cyprus’ ‘Antamivi’ reward points at participating merchants with relevant purchases, proving its uses for loyalty cards as well.

Why did the partner Mellon select the Matica S3100 and S5200G for the central issuance aspects of the project?
  • Easily integrated with the Dexxis central issuance solution.
  • Its desktop size allows it to operate within a small space.
  • Cost effective solution for projected volumes.
  • Customer satisfaction with previous models by Matica.

“It was a great opportunity to support the Bank of Cyprus in its successful efforts to innovate and use technology to introduce a unique and useful service to its customers,” said Markos Shiarly, Pre-Sales and Project Manager with Mellon (Cyprus).

“We were very excited to be approached by one of our strongest global partners to be a part of this pioneering lifestyle development in Cyprus. As of today, more than 30,000 cards have been issued. Our partnership with the Mellon Group has continued to grow since we first collaborated on a project that introduced instant issuance with our very first range of embossing solutions 25 years ago.” said Sandro Camilleri, CEO, Matica Technologies Group.

“Working with Mellon Cyprus and Gemalto has been a rewarding partnership and we look forward to further developing this innovative payment solution for other markets. The Mellon Group is a turnkey solution company and we continue to enjoy playing a significant role in supporting their pioneering work,” said Leonidas Koukoutsas, Sales Manager Secure Payments, Matica Technologies.

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