21 January 2018
visit www.ebaday.com

Canada's credit unions tap Interac Flash for mobile payments

22 February 2016  |  2707 views  |  0 Source: Interac

Canada's credit unions will be offering a new secure Mobile Pay service using Interac Flash starting this spring. Credit union member/owners will be able to use their supporting smartphones to make purchases directly from their savings or chequing accounts at retailers displaying the Interac Flash logo.

This new solution builds upon the success of Interac Mobile debit solutions and the Interac(R) Token Service Provider (TSP), which enables credit unions to innovate, build and manage secure digital payment experiences. Credit unions will be the first users of the new Interac TSP in Canada.

"The Mobile Pay service will be an easy to use, convenient method of giving credit union members the option of purchasing on the go using their supporting smartphones instead of debit cards," said Martha Durdin, president and CEO, Canadian Credit Union Association. "It is also another great example of how credit unions are using technology by working with industry leaders to make financial transactions easier."

As the Canadian payments landscape evolves, so do payment solutions. The Interac TSP offers world-class security through the tokenization of digital debit transactions. "Canadian consumers expect strong security, particularly when using debit solutions that access the money in their bank accounts," said Mark O'Connell, president and CEO, Interac Association and Acxsys Corporation. "By leveraging the Interac TSP with their mobile pay solution, the credit unions can offer their members peace of mind knowing that their mobile transactions are secure."

The introduction of the Mobile Pay service was developed in response to the needs of their members and owners. "This new mobile pay platform provides members with another easy, convenient and secure way to access their money," said Gary Genik, SVP and Chief Information and Technology Officer for Meridian, and Mobile Pay CIO project team lead for CCUA.

The first four credit unions that will launch the Mobile Pay service are: Affinity Credit Union in Saskatchewan, Conexus Credit Union in Saskatchewan, First West Credit Union in British Columbia and Meridian in Ontario. Additional credit unions will introduce the Mobile Pay service throughout the year. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.ebaday.comvisit www.vasco.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
13036 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8295 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8201 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
7227 views 1 | 7 tweets | 2 linkedin

Featured job

Find your next job