Interac Association has announced it has "successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services’ point-of-sale terminals. The new contactless enhancement of Interac® Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card."
“The successful transactions that have taken place bring us closer to a national rollout of Interac Flash,” said Mark O’Connell, President and CEO, Interac Association. “From delivering exclusive functionality to providing a strong value proposition to the market, Interac Flash is a win-win. We leveraged our intimate understanding of the Canadian marketplace to design innovative and unique contactless features that we believe will meet the needs and wants of all participants.”
INSIDE Contactless, a world leader in open-standard contactless chip technology developed the dual interface chips for Interac Flash. Interac Flash builds on the security of global EMVTM standards; existing chip debit infrastructure; strong consumer protections and other features unique to Interac Association; as well as the trusted Interac brand. The dual interface chip that will reside on Interac debit cards will allow cardholders to choose either the standard chip debit or contactless feature of the card to make everyday purchases.
“Responding to our customers' needs is important to Scotiabank, and they have told us that they want to be provided with innovative products and services to help simplify their everyday banking and shopping experiences,” said Brent Currie, Managing Director, Day to Day Banking, Scotiabank.
These successful in-market transactions took place at select merchants in downtown Toronto.
“We are focused on providing superior customer service. To us that service includes providing innovation our merchants can depend on, like the option to improve their customers’ check-out experience,” said Jeff van Duynhoven, President, TD Merchant Services. ”We’re pleased to participate with Interac Association to support this launch and will begin providing our merchants with the choice of Interac Flash.”
Interac Association will continue to work with key stakeholders through 2010 to ready the Interac Direct Payment point-of-sale extension of Interac Flash for national rollout on Interac branded debit cards in 2011.