The QMI Agency is reporting that flash debit cards, which require no PIN numbers and a simple wave of the card in front of a reader, will be coming to Canada.
The cards, to be offered by TD Bank early in 2011 and Scoitiabank and Royal Bank in the summer of 2011, can be used to purchase small items without typing in a PIN number, which could be a real boon for places like convenience stores or coffee shops.
An estimated $90 billion in cash payments are for purchases under $20 and Canadians are increasingly willing to pay with plastic, Interac said.
“Canadians have always shown an interest in adopting new payment solutions,” said Doug Collins, head of payments and bank services for RBC Royal Bank.
“Simplifying day-to-day banking through introducing innovative products and services is a key priority for us and we are pleased to be bringing this new option to our clients.”
If you have a chip credit card, you may have used a vending machine with your credit card with this sort of system. Just pass the card in front of the reader, and those Smarties are yours. I try to avoid using those systems, because in my mind, it’s basically a trap to get your service fees into astronomical territory. I’d also like to know how good the security is for these new debit cards.
Are flash debit cards something you’d want to use on a daily basis? Why or why not?