RBC, Scotiabank to Offer ‘Wave and Pay’ Debit Cards

by Mercator Advisory Group 0

Canadian debit card issuers should be pleased to be able to offer a contactless card solution to consumers, as this product squarely targets the small cash purchase segment.

After all, in the United States, it was the QSR market that was used as a launch point for contactless cards and their adoption is growing in markets where in-flight payments are important, such as transportation.

In a market like Canada, where debit card adoption is at virtually 100%, expanding the product’s reach is the only growth play that matters.

Scotiabank and RBC will add the Interac Flash feature to their customers’ bank cards in the summer of 2011, the Interac Association said today. “We are extremely pleased,” said Interac president Mark O’Connell in a statement. “We’re putting Canada’s first contactless debit solution in the hands of customers. The move puts Interac in competition with Visa and MasterCard for a share of the estimated $90 billion a year market for cash transactions under $20.

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