Royal Bank of Canada (RBC) has begun rolling out Speedpass with debit, a key ring device that transmit payment instructions to specially fitted terminals at ExxonMobil petrol stations in Canada.
Speedpass with debit is linked to RBC's Client Card so that customers don't have to use the actual card to pay. Instead customers point the key tag at specially fitted terminals on the pump or in the store, select the account and enter their PIN. Funds are automatically debited from the chosen account.
RBC says the contactless system is secure as everytime a purchase is made a PIN is required and there is no personal, credit or bank account data stored on the keyring.
The bank's credit card holders have been using the Speedpass keyrings since 2001, but RBC says this is the first time the technology is being rolled out to debit card custoemrs. Different coloured key tags will help customers distinguish between credit and debit payments - black for credit and blue for the new Speedpass linked to debit cards.
Doug Collins, VP, consumer accounts and payment services, RBC Royal Bank, says: "This new feature offers our customers another payment option at the pump or in the store. It's like using our client card without the card."