RBC is introducing Visa payWave™ a new contactless payment feature that will give busy consumers a fast and convenient way to pay for small purchases. RBC customers will begin receiving the Visa payWave feature on their RBC credit cards during the chip market trial starting next month in Kitchener-Waterloo.
"As the first Canadian FI to offer nationally a credit card with chip technology we're pleased to be at the forefront of another new technology," said Anne Koski, head, Payments Innovation. "Visa payWave will make getting through checkout lines much quicker while providing the extra layer of security of a chip."
A Visa payWave transaction is faster than paying with cash and is designed for busy merchant environments such as fast food restaurants, coffee shops, concession stands, and drive-throughs. For purchases typically under $25.00 at participating merchants, an RBC Visa payWave holder simply waves his or her credit card near a Visa payWave reader. Transactions made with a RBC Visa chip card using the contactless feature will not require a signature or PIN to complete the transaction.
Unlike other contactless payment options currently available in the marketplace, RBC's contactless feature will be easy, and not require a separate card or key fob. The Visa payWave feature will be part of RBC's chip credit card that can be used for traditional credit card payments as well as contactless payments.
RBC is the leading issuer of chip cards in Canada, processing over 10 million chip transactions worldwide.
Source: RBC
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