The next evolution of debit payments extends to BMO Financial Group, Scotiabank and TD Bank Group
TORONTO, June 1, 2016 /CNW/ - Interac Association/Acxsys Corporation ("Interac"), Canada's domestic debit network, is pleased to announce the participation of additional financial institutions offering Apple Pay to Interac debit cardholders. Interac debit cardholders from BMO Financial Group, Scotiabank and TD can now use Apple Pay on supported Apple devices to make easy, secure and private contactless debit transactions when shopping at hundreds of thousands of merchants coast-to-coast. Today's announcement follows last month's launch of Apple Pay for Interac debit cards issued by CIBC and RBC.
"Today's announcement brings mobile payments to the mainstream, with Canada's five largest financial institutions now offering Apple Pay to Interac debit cardholders," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "With Canadians using Interac Debit more than any other payment card combined, the rollout of Interac on Apple Pay addresses the consumer demand for innovative payment solutions that enable Canadians to make purchases using their own money."
"We've heard from Interac debit cardholders across Canada who are eager to use Interac with Apple Pay," said Avinash Chidambaram, VP, Product and Platform Development, Interac Association and Acxsys Corporation. "With today's announcement marking the widespread availability of Apple Pay for Interac debit cardholders, we're excited that even more Canadians will be able to experience the convenience and simplicity of making an Interac debit transaction using their iPhone or Apple Watch."
The rollout of Apple Pay for Interac debit cardholders follows the introduction of a number of new offerings by the Interac brand, such as Interac e-Transfer bulk disbursements and the Interac Token Service Provider (TSP). New solutions, leveraging the Interac TSP, are planned for the future. For example, Canadians will soon be able to use Interac for payments within merchant applications that use Apple Pay, meaning they can make In-App digital debit transactions securely and conveniently.
Security and privacy are at the core of Apple Pay, so when used with a payment card, the actual card numbers are not stored on the supported Apple device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element of the supported Apple device.
Each Apple Pay transaction is also validated with a unique token (a dynamic security code). For Interac debit cardholders, this validation process occurs using the Interac TSP. The Interac TSP service was developed in collaboration with IBM, a world leader in mobile and cloud computing, Bell ID, a global provider of tokenization software for mobile payments, and Everlink, a leading provider of integrated payment solutions and services. Since Apple Pay transactions using Interac are backed by the Interac brand, consumers are further protected from fraud with transaction limits and zero customer liability.
Apple Pay is available to all active Interac debit cards issued by BMO, CIBC, RBC, Scotiabank and TD. Your debit card does not have to be an Interac Flash® enabled card. In stores, Apple Pay works with iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch. You will first need to add your debit card to the Apple Wallet to make mobile transactions.
Interac can be used with Apple Pay to buy goods and services across Canada in the hundreds of thousands of Canadian stores that already accept contactless payments. Just look for the contactless symbol on the payment terminal at checkout.
About Interac Association and Acxsys Corporation
Interac is Canada's leading payment brand. Together, Interac Association and Acxsys Corporation operate an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 16 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada and the US through Interac Debit, and online through web-based services: Interac Online for online purchases, Interac e-Transfer® for person-to-person payments, and Interac e-Transfer bulk disbursement for commercial payments. In addition, Interac Flash®, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud.
Interac, Interac Flash, Interac e-Transfer, and the Interac logo are registered trade-marks of Interac Inc. Used under license. Apple, Apple Pay, iPhone and Apple Watch are trademarks of Apple Inc., registered in the U.S. and other countries. CIBC is a registered trademark of the Canadian Imperial Bank of Commerce. RBC is a trademark of the Royal Bank of Canada. TD is the property of The Toronto-Dominion Bank. Scotiabank is a registered trademark of the Bank of Nova Scotia. IBM is a registered trademark of International Business Machines Corporation.
SOURCE Interac Association
For further information: Press enquiries only: Teri Murphy, Corporate Communications, Interac Association/Acxsys Corporation, (416) 869-7171, firstname.lastname@example.org