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18/10/2010 -
The Canadian Imperial Bank of Commerce recently released the CIBC Advantage Card in conjunction with Visa Canada, which will allow Canadian consumers to make purchases through the international Visa network.When the card is used at Canadian point-of-sale terminals, the payment will be processed through the Interac debit network. Interac is the national debit card network co-owned by 64 banks, credit unions and other companies that was established in 1996 and, until now, was Canada's only debit option. The Visa debit card will be Interac's first competitor in the Canadian market.
For online, international or phone transactions, the payment will be processed through Visa's network. The cards also contain embedded chips in order to facilitate Canada's migration to chip technology.
"We are pleased to bring more choice and added benefits to Canadian consumers with the introduction of Visa Debit," said Tim Wilson, the head of Visa Canada.
A recent Visa survey showed that 70 percent of Canadian consumers are interested in a card that they can use online, and 65 percent are interested in a card that can be used internationally.
