TORONTO, June 17 /CNW/ - Interac Association, Canada's leading payment
network, 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
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 EMV™ 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,
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.
About Interac Association
A recognized world leader in debit
card services, Interac Association is responsible for the development
and operations of the Interac network, a national payment network
that allows Canadians to access their money through Automated Banking
Machines and point-of-sale terminals across Canada.
Interac Association was founded in 1984 and is comprised of a diverse
membership that includes banks, trust companies, credit unions, caisses
populaires, merchants, and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders
are the architects of the Interac network, include: INTERAC
Online, for secure online payments directly from a bank account, INTERAC
Email Money Transfer, for the transfer of money from a bank account to
anyone with an email address, and Cross Border Debit, for point-of-sale
access at nearly 2 million U.S. retailers.
® Interac and Interac Flash are trade-marks of
Interac Inc. Used under licence.
EMV™ is a registered trademark owned by EMVCo. LLC.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available
Images are free to accredited members of the media/
SOURCE Interac Association
For further information: For further information:
Tina Romano, Interac Association/Acxsys Corporation