You know how in some store, mostly gas stations in Canada, you can wave your credit card in front of a machine to pay without having to sign or enter a PIN. Well….Canada gets ready to welcome the new Interac Flash, a contactless debit solution in the summer of 2011. This exciting piece of technology will speed up transactions which will make customers happy and as a result, vendors happy.
How It Works:
- The Flash Interac can only be used at participating locations.
- Simply wave the card in front of a supported reader and your purchase will automatically be debited from your bank account. No PIN required.
- If your purchase is above the set dollar limit, you will be prompted to use your Interac card as per usual.
Canadians spend a lot of time paying for small purchases with cash and/or Interac. An estimated 90 billion in cash payments is spent on purchases under $20.00 a year. In an era where the phrase ‘time is money’ has significant meaning, it is inevitable that the Interac Flash will be warmly welcomed.
With Scotiabank and Royal Bank of Canada being the first banks to provide the contactless debit solution, many are sure to follow. Be sure to look for the Interac Flash next summer, because your time is money.
To read more on the Interac Flash coming to Canada please click on the link below: