Interac Association has announced that Scotiabank and RBC will be the first banks to add Interac Flash, the new contactless enhancement of Interac’s debit cards, to its customers’ bank cards in summer 2011.
The new solution gives Interac Debit cardholders the choice of paying for smaller value items by simply ‘flashing’ an Interac chip debit card at a reader, rather than inserting the card and entering a PIN. According to Interac, this is the first solution of its kind to hit Canada.
Interac says its new Flash feature builds on the security of global EMV standards and protects cardholders from unauthorized transactions under Interac’s existing Zero Liability Policy.
Interac has also announced that TD Merchant Services will be providing merchants with the choice of Interac Flash starting early in 2011, following a series of successful in-market Interac Flash trials that have taken place in Toronto.