20 October 2017
visit www.response.ncr.com

Scotiabank to launch Canada's first chip and PIN technology trial

14 November 2003  |  9583 views  |  0 smartcard

Scotiabank is to launch Canada's first trial of chip and pin technology at the retail point of sale.

Consumer participants in the Ontario pilot will receive a smart Visa card, which they can use at chip-enabled, point-of-sale terminals as well as the common magnetic swipe that most merchants in the Barrie area accept. When conducting credit transactions with their new chip card at participating merchants, customers will be prompted to enter a PIN, instead of signing a receipt.

In June, Visa announced plans for a seven-year migration to EMV chip technology in Canada. The card organisation pointed to a January 2003 survey in which 61% of Canadians said they would prefer entering a PIN at the point of sale.

Alberta Cefis, EVP, retail lending services, Scotiabank, says: "Chip technology is the future of payment transactions, (it) offers greater convenience and security while providing a variety of payment options on one card."

Paymentech Canada will participate in the pilot by deploying chip terminal readers at Barrie area merchants.

David Stafford, vice president in charge of credit cards at Scotiabank says that in subsequent phases the bank plans to use technology developed by Cardis Enterprises International to test the use of chip cards for small dollar purchases. Additional information on these features will be provided to cardholders and merchants as they are introduced, he says.
KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK-wide roll out of Chip and PIN underway

UK-wide roll out of Chip and PIN underway

02 October 2003  |  4698 views  |  0 comments
Finexpo: Barclaycard looks to maximise returns from Chip and PIN

Finexpo: Barclaycard looks to maximise returns from Chip and PIN

30 September 2003  |  7388 views  |  0 comments
New small-value payment tag launched in downtown Toronto

New small-value payment tag launched in downtown Toronto

25 September 2003  |  10080 views  |  0 comments
Scotiabank to launch Web banking in Trinidad and Tobago with S1

Scotiabank to launch Web banking in Trinidad and Tobago with S1

14 July 2003  |  4658 views  |  0 comments
Visa Canada migrates to chip

Visa Canada migrates to chip

24 June 2003  |  4097 views  |  0 comments
First Data wins Scotiabank card contract

First Data wins Scotiabank card contract

12 March 2003  |  5400 views  |  0 comments
Scotiabank outsources cheque, bill and statement processing to Symcor

Scotiabank outsources cheque, bill and statement processing to Symcor

22 November 2002  |  7342 views  |  0 comments
Scotiabank sells merchant acquirer and smart card business to Paymentech

Scotiabank sells merchant acquirer and smart card business to Paymentech

05 November 2002  |  6536 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.fivedegrees.nlvisit www.innotribe.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15883 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8995 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8105 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7175 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6312 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job