Canada’s first Mobile Interac Flash debit transaction occurred today, full rollout is expected “in the coming year”

Ian Hardy

March 27, 2013 3:10 pm

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Mobile payments in Canada are slowly on the uptake. While financial institutions, carriers and app developers are forging ahead to build-out the needed technology, Canadians are still somewhat concerned about its security. We’ve seen CIBC and Rogers team up to launch ‘suretap’ – which has been a joint investment of approximately $60 million. Today, RBC and Interac Association/Acxsys Corporation jumped into the game and made the first mobile debit transaction via Mobile Interac Flash.

The big event occurred in Toronto at a McDonalds and the device of choice was an NFC-enabled BlackBerry Bold 9900. The total bill for an Egg McMuffin and 2 medium McCafe coffees came to $10.02. Mobile Interac Flash works similar to any Interac or Interac Flash transaction, but on your mobile device. When this service goes live in a few months all you’ll have to do is simply download you banks mobile payment app, enter your credentials, tap your device to the Interac Flash terminal, then approve the transaction.

Mark O’Connell, President and CEO of Interac Association/Acxsys Corporation, stated “This achievement in mobile debit innovation helps solidify our role in the mobile payments space in Canada. Soon, Canadians will be able to use their mobile phones to pay with Interac Flash quickly, conveniently and securely when making everyday purchases – bringing added value not only to consumers, but also to the merchant community and our partner financial institutions.”

Mobile Interac Flash works with any NFC-enabled smartphone and will be rolled out “in the coming year.”

Source: CNW