Co-operative Retailing System speeds ahead with Interac Flash™
November 6, 2012 (Toronto, ON) – Interac Association announced today that Federated Co-operatives Limited (FCL) and retail Co-ops throughout Western Canada have joined the growing number of merchants accepting Interac Flash, Canada’s first contactless debit technology. Co-op customers will be able to make contactless debit transactions using Interac Flash when purchasing a variety of items, including gas, food, beverages and snacks, and home building and agriculture products.
“We are pleased to partner with Federated Co-operatives Limited for the rollout of Interac Flash,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “This innovative payment technology is win-win for Federated Co-operatives Limited – it allows them to help speed up the checkout process at the point-of-sale, while providing a convenient and secure payment option for their customers.”
“It makes perfect business sense for us to implement Interac Flash technology at retail Co-ops. The enhanced speed, security and convenience will benefit our retail co-operatives as well as our valued customers,” said FCL’s Randy Boyer, Vice President, Treasurer.
Approximately 2,000 Interac Flash devices will be installed between now and June 30, 2013 in hundreds of retail Co-op locations across Manitoba, Saskatchewan, Alberta and British Columbia. The deployment will be managed by Moneris Solutions, one of Canada’s largest payment card processors.
“Merchants large and small count on Moneris to enable high-value innovative payment solutions.
We are delighted to assist Federated Co-operatives in their rollout of Interac Flash, which offers their customers secure transactions with increased speed and efficiency,” said Malcolm Fowler, Vice President Marketing, Moneris Solutions.
About Interac Flash
Interac Flash gives cardholders the choice to pay for smaller value items faster than ever before by simply holding their card at a contactless point-of-sale reader that supports Interac Flash.
Interac Flash uses EMVTM technology and the existing chip debit infrastructure, which protects it from fraud tactics such as copying and “electronic pick-pocketing”. It offers strong consumer protections and unique security features, including the fact that the card never leaves the user’s hand. Leveraging the trusted Interac brand, cardholders are also protected from unauthorized transactions under the Interac Zero Liability Policy* and merchants continue to receive the benefits of secure and non-refutable transactions associated with PIN-based Interac Debit.
Interac Flash enabled debit cards are already being issued by Scotiabank, RBC Royal Bank and TD Canada Trust and an increasing number of merchants are signing up to provide the service to their customers.
Visit www.interacflash.ca for more information.
About Interac Association
A recognized world leader in debit card services, Interac Association is responsible for the development and operations of the Interac network, a national payment network that allows Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac Flash, a secure contactless enhancement of Interac Debit allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash.
Interac Association was founded in 1984 and is comprised of a diverse membership that includes banks, trust companies, credit unions, caisses populaires, merchants, and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-TransferTM, for the transfer of money from one person's bank account to another person's bank account using an email address or mobile phone number**; and international services, which provide Canadian cardholders with point-of-sale access at nearly 2 million U.S. retailers, and PULSE, Discover, Diners Club International and UnionPay cardholders access to ABMs in Canada.
Federated Co-operatives Limited and its 235 co-operative retail members across Western Canada provide products and services that help feed, build and fuel individuals and communities. Retail Co-ops, locally owned and operated, return profits back to communities and individuals in the form of economic investments, jobs, cash-back and member equity, and make sustainable investments in the community. View www.coopconnection.ca for more information.
Interac Association / Acxsys Corporation
EMV is a trade-mark of EMVCo LLC.
Interac, Interac Flash and Interac e-Transfer are trade-marks of Interac Inc. used under license.
* All Interac cardholders are protected from losses resulting from circumstances beyond their control under the Interac Zero Liability Policy. See your financial institution for details.
** The Interac e-Transfer service, for secure person-to-person payments, is currently available to customers of over 90 banks and credit unions including BMO Bank of Montreal, CIBC, President's Choice Financial, National Bank, RBC Royal Bank, Scotiabank and TD Canada Trust among others. Central 1, through participating credit unions, offers the option of using mobile phone numbers, in addition to email, to notify Interac e-Transfer recipients. Money never travels by email or text message. More information about the Interac e- Transfer service and a complete list of participating banks and credit unions can be found at www.interac.ca.