Interac Moving to NFC
Another reason why Canadians are learning to use tap-and-go payments is that Interac, Canada's nationwide debit network, is moving to NFC payments with its Interac Flash product. Canadians use debit far more than Americans do; about 56% of point of sale transactions in Canada are done with debit cards. Interac is owned by the five major banks that dominate the Canadian market and has rolled out NFC chip Interac Flash cards with four of those banks, according to Avinash Chidambaram, Interac's director of mobile.
Making the jump to mobile payments, Interac has already piloted mobile NFC chip payments with Interac Flash. The pilot, conducted earlier this spring with RBC and McDonald's, delivered promising results. "We found that a lot of people are comfortable using tap-and-go mobile payments for small transactions," remarked Chidambaram.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio