Canadian payment network Interac Association is to offer a
contactless payment service on its debit cards after partnering
with open standard contactless chip technology provider Inside
Contactless.
Inside has been chosen to develop chips containing the
specifications for Interac’s contactless payment service
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“The small-ticket purchase segment in Canada, which is still
dominated by cash and coin, represents green field territory for
card payments, and although this market has been targeted time and
again, it has been difficult to penetrate due to the lack of the
right technology solution delivered at the right cost,” said Shyam
Krishnan, industry analyst at Frost & Sullivan.
Krishnan believes that the joint efforts of Interac and Inside
will provide the right technology and value proposition to break
barriers in the market.
“We have sought out and are leveraging the best technology
expertise available globally,” said Mark O’Connell, president &
CEO, Interac Association. “By partnering with Inside, we will be
able to incorporate fundamental policies, strong consumer
protections, which is a vital tenet for the Canadian market, and
key features, all of which are unique to Interac.”
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