Customers of four Canadian credit unions will be able to make host card emulation (HCE) based mobile payments at Interac Flash contactless terminals across the country from this spring. The service will be the first to use Interac’s Token Service Provider (TSP), the tokenization platform launched this week.
“The credit unions’ Mobile Pay solution uses HCE and tokenization, with Interac playing the role of token service provider,” trade body the Canadian Credit Union Association confirmed to NFC World. “As Mobile Pay is being used to conduct Interac Flash transactions, it uses NFC to communicate with the point of sale terminal.”
“Credit union member/owners will be able to use their smartphones to make purchases directly from their savings or chequing accounts at retailers displaying the Interac Flash logo,” Interac explains. “This new solution builds upon the success of Interac Mobile debit solutions and the Interac TSP, which enables credit unions to innovate, build and manage secure digital payment experiences.
The first four credit unions that will launch Mobile Pay are Affinity Credit Union and Conexus Credit Union in Saskatchewan, First West Credit Union in British Columbia and Meridian in Ontario. Further credit unions are scheduled to introduce the service throughout the year.
“The Mobile Pay service will be an easy to use, convenient method of giving credit union members the option of purchasing on the go using their supporting smartphones instead of debit cards,” says Martha Durdin, president and CEO of the Canadian Credit Union Association.
“Canadian consumers expect strong security, particularly when using debit solutions that access the money in their bank accounts,” adds Mark O’Connell, president and CEO of Interac. “By leveraging the Interac TSP with their Mobile Pay solution, the credit unions can offer their members peace of mind knowing that their mobile transactions are secure.”