TORONTO, Feb. 22, 2016 (GLOBE NEWSWIRE) -- Canada's credit unions will be offering a new secure Mobile Pay service using Interac Flash starting this spring. Credit union member/owners will be able to use their supporting smartphones to make purchases directly from their savings or chequing accounts at retailers displaying the Interac Flash logo. This new solution builds upon the success of Interac Mobile debit solutions and the Interac® Token Service Provider (TSP), which enables credit unions to innovate, build and manage secure digital payment experiences. Credit unions will be the first users of the new Interac TSP in Canada.
"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," said Martha Durdin, president and CEO, Canadian Credit Union Association. "It is also another great example of how credit unions are using technology by working with industry leaders to make financial transactions easier."
As the Canadian payments landscape evolves, so do payment solutions. The Interac TSP offers world-class security through the tokenization of digital debit transactions. "Canadian consumers expect strong security, particularly when using debit solutions that access the money in their bank accounts," said Mark O'Connell, president and CEO, Interac Association and Acxsys Corporation. "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."
The introduction of the Mobile Pay service was developed in response to the needs of their members and owners. "This new mobile pay platform provides members with another easy, convenient and secure way to access their money," said Gary Genik, SVP and Chief Information and Technology Officer for Meridian, and Mobile Pay CIO project team lead for CCUA.
The first four credit unions that will launch the Mobile Pay service are: Affinity Credit Union in Saskatchewan, Conexus Credit Union in Saskatchewan, First West Credit Union in British Columbia and Meridian in Ontario. Additional credit unions will introduce the Mobile Pay service throughout the year.
Quotes from participating credit unions available upon request.
About Canadian Credit Union Association
Canadian Credit Union Association (CCUA) is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. CCUA represents over 300 credit unions and caisses populaires (outside of Quebec) with more than $185.7 billion in assets and serving over 5.57 million members. For more information about Canada's credit unions visit www.ccua.com.
About Interac Association and Acxsys Corporation
Interac® is Canada's leading payment brand. Together, Interac Association and Acxsys Corporation operate an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 13 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada through Interac Debit and the US, and online through web based services – Interac Online for online purchases, Interac e-Transfer for person-to-person payments, and Interac e-Transfer bulk disbursement for commercial payments. In addition, Interac Flash®, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud.
Interac, the Interac logo, Interac Flash, Interac Debit, Interac Online and Interac e-Transfer are trade-marks of Interac Inc. Used under license.
* All Interac cardholders are protected from losses resulting from circumstances beyond their control under the Interac Zero Liability Policy. See your financial institution for details.