TORONTO, June 26, 2012 /CNW/ - Interac Association is pleased to announce that TD Canada Trust is now issuing bank cards with Interac Flash functionality. Interac Flash is an enhancement of Interac® Debit and Canada's first contactless point-of-sale debit payment option. Interac Flash gives cardholders the choice of paying for smaller value items using Interac Debit faster than ever before by simply holding the card up to a point-of-sale reader that supports Interac Flash. This increased speed is also expected to help merchants improve customer throughput at the point-of-sale by allowing them to spend less time processing payments, particularly when compared to the time it takes to handle cash.
"Interac Association is pleased that TD Canada Trust is offering the speed, security and convenience of Interac Flash to its customers," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "The Interac brand is a payment brand Canadian consumers and merchants trust and value so we are thrilled to be expanding this contactless debit offering through TD Canada Trust."
Interac Flash is rolling out across Canada with increasing merchant acceptance and the issuance of Interac Flash-enabled bank cards through three financial institutions: Scotiabank, RBC Royal Bank and TD Canada Trust.
About Interac Flash
Interac Flash provides cardholders with a fast and convenient way to pay securely for smaller, everyday purchases. At checkout, cardholders are prompted to place their Interac Flash-enabled debit card in front of the reader to make a secure transaction - there is no need to insert their card or enter their PIN.
Interac Flash leverages EMVTM based secure chip processing, instead of magnetic stripe data type processing. This protects Interac Flash enabled cards against skimming, counterfeiting, and transaction replay types of fraud, including electronic pick-pocketing where readers are used to capture information. As always, cardholders are protected through the Interac Zero Liability Policy*.
Visit www.interacflash.ca for more information.
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 60,000 Automated Banking Machines and 766,000 point-of-sale terminals across Canada. Interac Flash, a secure contactless enhancement of Interac Debit allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash.
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 made directly from a bank account; Interac e-TransferTM, for the secure transfer of money from one person's bank account to another person's bank account; and international services, which provide Canadian cardholders with point-of-sale access at nearly 2 million U.S. retailers, and PULSE, Discover, Diners Club International and UnionPay cardholders access to ABMs in Canada.
®, TM: Interac, the Interac logo, Interac Flash, and Interac e-Transfer are trade-marks of Interac Inc. Used under license.
EMVTM is a trademark owned by EMVCo LLC.
* All Interac cardholders are protected from losses resulting from circumstances beyond their control under the Interac Zero Liability Policy. See your financial institution for details.