The required upgrading of Canadian POS systems to support Chip and PIN are also providing opportunities for contactless card strategies.
Coming on the heels of CIBC’s new Visa debit card, Interac’s announcement of their new Flash debit card couldn’t have been timed any better.
Interac will have to continue to prove that they are going to make investments in their product in order to keep the global card networks at bay and offer their card issuers expansion opportunities.
Similar to the PayPass system already in place on MasterCard credit cards, Canadian bank card holders will soon have the option of flashing their Interac Flash debit card at designated card readers, instead of having to enter a personal identification number, Barry Campbell of the Interac Association told the CBC’s The Lang & O’Leary Exchange recently.
“There’s ‘zero liability’ protection for consumers,” he said, “so if somebody grabs that card, I’m protected and can dispute it.”
Read full article here: