June 17, 2010
Interac introduces Flash to market
TORONTO--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(R) 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 EMV(TM) 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.
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.