Interac partners with INSIDE to bring contactless debit to Canada
15 July, 2009
category: Contactless, Financial
Interac Association, Canada’s payment network, has launched a partnership with chip maker INSIDE Contactless to develop chips containing specifications for Interac’s contactless payment service that will enable its members to offer a card-based payments solution for small ticket purchases.
As Frost & Sullivan industry analyst Shyam Krishnan explained it: “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.”