The Interac Association, a not-for-profit organization that operates the Canadian card payments network, is introducing a new contactless debit card called Flash Card to Canadian consumers. The initial issuers are Royal Bank of Canada and Scotiabank, according to thenextweb.com.
Interac, who handles 68% of all electronic transactions in Canada, says their new contactless Flash debit cards will allow users to set their own spending limits. For example, a customer may set a $20 limit on their card for contactless purchases. If the customer exceeds that limit, he or she will be prompted to enter a PIN.
Royal Bank of Canada and Scotiabank aim to replace existing debit cards with the new Flash Cards starting this summer.
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