TD Canada Trust Completes Canada's First Transaction with a Chip Debit Card

TD Canada Trust today announced it has completed Canada's first transaction with a chip debit card. The transaction was made at a Green Machine automated banking machine (ABM) located in TD's Creekside Corporate Office in Mississauga, Ontario. (CNW Group/TD Canada Trust)


    Transaction signals new generation of chip cards are on the way

    TORONTO, July 9 /CNW/ - TD Canada Trust today announced it has completed
Canada's first transaction with a chip debit card. The transaction was made at
a Green Machine automated banking machine (ABM) located in TD's Creekside
Corporate Office in Mississauga, Ontario. TD becomes the first organization in
Canada to be able to conduct a transaction using a chip debit card at a
chip-enabled ABM that adheres to EMV standards.
    EMV is the global technology standard developed by Europay, MasterCard,
and Visa for chip-based debit and credit cards to replace existing magnetic
stripe cards. While many other countries including Britain and France have
already migrated to chip technology, Canada has just begun, with critical mass
of cards, ABMs and point-of-sale (POS) terminals in market expected to be
reached by 2010. Over the next several years, TD will issue millions of
chip-enabled TD Visa Cards and TD Canada Trust Access Cards to its customers.
TD Merchant Services has already deployed tens of thousands of chip-enabled
POS terminals to merchants in preparation of chip cards entering the market.
    "We've made great progress internally to ready TD for the transition to
chip, and being the first bank in Canada to be able to complete a transaction
with a chip debit card is both a satisfying and proud moment," said Chris
Stamper, Vice President, Core Banking and Debit Payments, TD Canada Trust.
"With last year's upgrade of our network of more than 2,500 ABMs, today's
announcement sets the stage for the final software implementation at Green
Machines to accept chip debit and credit cards."
    Chip technology simply makes a secure payment system even better. Chip
cards have an embedded computer chip that stores information in a secure,
encrypted format, making it virtually impossible for unauthorized users to
copy or access the information on the card. Chip-enabled POS terminals will
prompt chip debit and credit cardholders to enter a Personal Identification
Number (PIN). The PIN provides an extra level of protection against fraudulent
unauthorized use and is a key security element of the transaction.
    "Because we offer both debit and credit card issuing and payment
processing services, we feel we're particularly well positioned to assist
customers in the transition to chip technology," said Jeff van Duynhoven, Vice
President, TD Merchant Services. "Businesses that process their card payments
through TD can gain an advantage by tapping into the high level of confidence
consumers have with the TD brand at the point-of-sale."
    For more information please visit www.tdcanadatrust.com/chip.

    About TD Bank Financial Group

    The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group serves more than 14 million
customers in four key businesses operating in a number of locations in key
financial centres around the globe: Canadian Personal and Commercial Banking
including TD Canada Trust; Wealth Management including TD Waterhouse and an
investment in TD Ameritrade; Wholesale Banking, including TD Securities; and
U.S. Personal and Commercial Banking through TD Banknorth. TD Bank Financial
Group also ranks among the world's leading online financial services firms,
with more than 4.5 million online customers. TD Bank Financial Group had
CDN$397 billion in assets, as of April 30, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD".

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For further information: Matthew Cram, Manager, Corporate
Communications, TD Bank Financial Group, (416) 983-1514