TORONTO (CNW) - TD Canada Trust today announced the launch of the first debit card to give cardholders access to their bank account(s), with the benefits of Visa Debit, Interac® Debit and Interac Flash™, all in one card. This comprehensive debit card makes everyday purchases easier and more convenient, and allows customers to shop in store, online, over the phone, by mail and at international merchants, with funds drawn directly from their bank account.
"For consumers who prefer to pay for purchases with money they already have, this is a premier debit card," says Raymond Chun, SVP, Everyday Banking and Payments, TD Canada Trust. "It offers the convenience, security and ease to shop anywhere and any way, traditionally associated with a credit card. But it allows them the benefit of a debit purchase made directly from their bank account."
The enhanced card will allow for online, international, telephone, and mail order purchases, wherever Visa or Visa Debit is accepted. Point of sale purchases in Canada will continue to be processed as Interac Debit transactions.
At participating retailers in Canada, customers can also pay for purchases under $100 with Interac Flash - by simply holding the card against the reader, rather than having to swipe or insert it and enter a PIN. It offers the same safety and security of traditional Interac Debit, only faster.
"It can be hard at times to stick to a budget," says Chun. "Whether you're buying music or movies online, or travelling and purchasing items from local merchants, this debit card can help you to stay on track and on top of your finances".
The new debit card has an embedded microchip that stores information in a secure encrypted format. Transactions processed via Interac Debit and Interac Flash will benefit from the Interac Zero Liability Policy. International, online, telephone and mail order purchases, processed through the Visa network, are protected by Visa's security features including Zero Liability, Verified by Visa, address verification and the three digit code on the signature panel. Cardholders should protect the confidentiality of their PIN at all times and notify their financial institution immediately if they suspect fraud.
Card manufacturer Giesecke & Devrient (G&D) led the custom development of the new applications and technology to produce an innovative dual interface chip on the new card.