Scotiabank is claiming a Canadian first, with the launch of an all-in-one payments card for consumers incorporating debit, credit, electonic purse and loyalty programmes.
Albert Wahbe, CEO of e-Scotia, and executive vice-president, electronic banking, Scotiabank, says: "We are putting debit, credit, micropayments, and loyalty programmes on one card to give Scotiabank customers the most convenient banking and payment solutions possible."
Wahbe claims the bank is the first in Canada to deliver a one-card debit and credit solution. He says it will be backed up "with the highest levels of security and authentication capabilities".
Debit card functions, such as ATM access and Interac direct payment, will be accessed on the magnetic stripe. Visa credit, micropayments and loyalty programmes will be available on the microprocessor chip. Customers will be able to add or delete chip applications at their discretion.
Up to 12,000 customers in the region of Barrie, Ontario are expected to take part in a pilot programme of the Scotiabank chip-embedded credit cards.