RBC and Visa offer consumers more choice and greater online acceptance
TORONTO, May 3, 2012 /CNW/ - RBC and Visa today announced the launch of
RBC Virtual Visa Debit, designed to allow consumers to pay for online,
over the phone, or mail order purchases with funds directly from their
bank account. With Canadians engaging in e-commerce in record numbers,
RBC Virtual Visa Debit addresses the need for greater flexibility and
more payment options for debit functionality within the online space.
Using funds drawn from their own bank account, RBC Virtual Visa Debit
offers Canadian consumers key features including expanded choice and
acceptance when shopping online, by phone or by mail order, and the
ability to make regular and recurring bill payments online. Purchases
made with RBC Virtual Visa Debit will be processed over Visa's network,
providing the protection of Visa's multiple layers of security
including: Visa's Zero Liability Policy, Verified by Visa, E-Promise,
AVS (Address Verification Service) and CVV2 (the three-digit code).
"Virtual Visa Debit allows our clients, including those who prefer to
use debit or those who do not have access to a credit card, to shop
securely at thousands of online merchants across the country and
internationally," said Doug Collins, Head of Payments & Banking
Services at RBC. "With the introduction of RBC Virtual Visa Debit, we
are continuing to enhance our clients' payment experience, by giving
clients more options for virtual purchases."
RBC deposit account holders will receive a reference card, which will
provide all the information required to make an online purchase with
the funds withdrawn directly from their bank account including: a Visa
Debit number, an expiry date and a three-digit security code. As
Virtual Visa Debit is designed for online, telephone and mail order
purchases only, the reference card cannot be used at physical store
locations, at an ATM or at financial institutions.
RBC's Virtual Visa Debit has no annual fee and transactions made using
RBC's Virtual Visa Debit do not count towards any monthly debit
transaction limits that may apply to the customer's account package.
"Visa has been on the leading edge of technological advances within the
payment industry for more than 50 years and we are pleased to be
working with RBC to help empower consumers - connecting them to their
resources quickly, efficiently and reliably," said Sue Whitney, Head of
New Products, Visa Canada. "Visa Debit's strong momentum in Canada and
around the world illustrates the growing migration to electronic
payments and today's announcement builds on Visa's ongoing innovation
and commitment to the Canadian marketplace."
Since its introduction to Canada, nearly 15,000 Canadian merchants have
signed up to accept Visa Debit, highlighting the growing consumer
demand for choice and convenience in payment products. And while it may
be relatively new to Canada, Visa Debit is accepted at millions of
merchant outlets worldwide, in more than 200 countries. In fact, Visa
Debit is so successful that global debit transactions now represent
more than half of all payments that run on the Visa network around the
world. For more information on Visa Debit, go to Visa.ca/debit.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name RBC. We are Canada's largest bank as
measured by assets and market capitalization, and are among the largest
banks in the world, based on market capitalization. We are one of North
America's leading diversified financial services companies, and provide
personal and commercial banking, wealth management services, insurance,
corporate and investment banking and transaction processing services on
a global basis. We employ approximately 74,000 full- and part-time
employees who serve close to 16 million personal, business, public
sector and institutional clients through offices in Canada, the U.S.
and 51 other countries. For more information, please visit rbc.com.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable digital
currency. Underpinning digital currency is one of the world's most
advanced processing networks—VisaNet—that is capable of handling more
than 20,000 transaction messages a second, with fraud protection for
consumers and guaranteed payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for
consumers. Visa's innovations, however, enable its financial
institution customers to offer consumers more choices: pay now with
debit, ahead of time with prepaid or later with credit products. For
more information, visit www.corporate.visa.com.
SOURCE VISA Canada Corporation
For further information:
Suzanne Willers, RBC, 416-974-2727, firstname.lastname@example.org
Erin Sufrin, Visa Canada, 416-860-3939, email@example.com