According to the latest finance news, on the 1st of November, Interac Association announced that their Interac Debit is now available on Samsung Pay in Canada. This launch is speculated to expand innovative solutions regarding mobile payment for Interac debit holders. This service is said to be highly convenient, secure and provides a lot of privacy while carrying out transactions. This can help improve contactless transactions to customers with debit cards that are given by financial institutions who are participating in this scenario and who use supported Samsung devices.
As per this business finance news, customers with debit cards issued by CIBC, Scotiabank, ATB Financial, that have Galaxy A5, Galaxy A7 and A7 edge, Galaxy S6, and up to the latest Galaxy S8+ smartphones along with the Note editions, can use the Interac Debit service on respective Samsung Pay platforms. The purchases can be done at literally hundreds of thousands of merchant locations in Canada, wherever payments using Interac Flash are being accepted.
According to Mark O’Connell, President and CEO of Interac Association, Interac Debit continues to be a highly used payment method in Canada. He further said that the number of citizens using this service will increase with Samsung Pay coming in the picture now. Paul Brannen, COO and Executive Vice President of Samsung Electronics in Canada further also contributed to the success of the service by remarking that Samsung Pay is quite happy by expanding their support to offer a seamless mobile payment solution for safe and convenient transactions.
SEE ALSO: Apple Aims To Make More Money from an Update on Its Money-Making App Store
From a security perspective, Interac debit payment network has one of the lowest fraud rates from a global perspective. This is because of its use of multiple layers of security, which includes encryption, password verification, transaction limits and other factors associated with consumer protection. All the transactions from Interac work through Interac Token Service Provider (TSP). This is a platform that creates a sequence of numbers that are valid for a single transaction at one time.
Keep reading iT Munch for more exciting financial news.