1. timmy t's Avatar
    Interac Flash gaining momentum with banks, merchants - Moneyville.ca

    "Canadians are among the largest users of debit cards in the world, making more than 4 billion debit transactions last year alone. But there's still a largely untapped market for debit: small value transactions, where consumers are showing an ever-increasing preference for cashless transactions and faster purchase options.

    New Interac Flash technology is designed to be used for those smaller-value transactions. Interac Flash is Canada's first contactless debit payment solution, which gives cardholders the choice to pay for smaller value items using debit faster than ever before by simply holding their card at a contactless point-of-sale reader that supports Interac Flash.

    It uses existing chip debit infrastructure, which protects the card from fraud tactics such as copying and "electronic pick-pocketing". Cardholders are protected from unauthorized transactions under the Interac Zero Liability Policy.

    Another security measure for Interac Flash users is the $100 limit per transaction. Once your transaction or cumulative spend limit has been reached, you'll be asked to insert your card and enter your PIN. This resets your spending limits.

    When making purchases above your Interac Flash spending limits, or when shopping at merchants who don't have Interac Flash enabled terminals, you simply make a regular Interac Debit transaction.

    Interac Flash is starting to roll out now, with consumers using it at merchants in select locations. Some of Canada's largest banks, including Scotia, RBC and TD, are already on board to issue Interac Flash debit cards, while a number of national merchants – including Suncor’s Petro-Canada locations, Shell Canada and The Beer Store – have signed up to provide the service, with more merchants to come on board soon.

    McDonald’s Canada recently committed to accept Interac Flash. The announcement coincides with the completion of a pilot at five McDonald's restaurants in Toronto. Full deployment at point-of-sale within restaurants and drive-thrus at more than 1,400 locations across Canada will be completed by March 2013.

    Interac Association also announced that Cineplex, Canada's largest movie exhibitor, will accept Interac Flash contactless debit transactions at its 134 theatres.

    Cineplex will begin installing almost 3,000 Interac Flash-enabled terminals in the fall of this year and expects to see all their box offices and concession stands up and running with Interac Flash by June of 2013."
    08-28-12 07:32 PM