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Interac and Inside team up for Canadian contactless chips
Interac and Inside team up for Canadian contactless chips
Canada's Interac Association announces partnership with Inside Contactless to develop chips capable of handling contactless payments.
The Canadian banking industry is currently one-year in to a long-term programme to replace mag-stripe cards with chip and PIN technology. Mark O`Connell, president and CEO, Inerac Association, says that the introduction of contactless payments will open up new territory for bank cards to replace small-ticket cash payments at the check-out.
According to Shyam Krishnan, industry analyst at Frost & Sullivan, the cash replacement market has been difficult to penetrate in the past due to the lack of the right technology at the right price. He says: "The partnership between Interac Association and Inside Contactless goes a long way towards creating a viable solution, providing the technology and value proposition necessary to break the barriers to this market."