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TD Visa and TD Merchant Services complete Canada's first Visa payWave transaction
- Next generation TD Visa chip cards with the Visa payWave contactless feature being issued to select Kitchener-Waterloo cardholders this month - The Visa payWave feature gives consumers a fast and convenient way to pay for small dollar purchases KITCHENER-WATERLOO, ON, April 11 /CNW/ - Canada's first Visa payWave transaction was completed today at a Dairy Queen Restaurant in Kitchener-Waterloo, Ontario. Using a TD Visa chip card equipped with the Visa payWave contactless feature, TD Canada Trust District Vice President Kevin Moffatt made a ceremonial purchase to kick-off the introduction of Visa payWave in Canada. The Visa payWave feature gives cardholders the option of paying for small dollar purchases - typically under $25 - simply by waving their TD Visa chip card near a Visa payWave reader. TD Canada Trust is including the Visa payWave feature on TD Visa chip cards issued in Kitchener-Waterloo this month as part of the ongoing market trial of chip technology. TD Merchant Services has already installed Visa payWave readers at several merchant locations in Kitchener-Waterloo and will add many more in the coming months. "The payment card market in Canada is undergoing a massive transformation to introduce chip technology," said Jim Sallas, SVP Personal Lending, TD Canada Trust. "As part of this upgrade we're giving select TD Visa cardholders in Kitchener-Waterloo an added benefit by enhancing our new chip cards with Visa payWave. Speed and convenience are the defining benefits of Visa payWave products and we're sure our cardholders will appreciate having a simple, fast and easy way to pay." In Canada, the Visa payWave payment platform is unique because it's based on EMV(TM) chip technology. Used widely in other parts of the world, EMV technology provides increased protection against counterfeiting and skimming fraud as the encrypted data on an EMV chip card is virtually impossible to copy. Visa payWave transactions will be processed through the same reliable Visa payment network used for all Visa card transactions. "We live in a fast-paced world and consumers want to get in and out when making purchases. That's the advantage of Visa payWave - offering this payment option to customers can make a merchant stand out and the response we've seen so far from the business community has been very positive," said Jeff van Duynhoven, Vice President, TD Merchant Services. Using a TD Visa Card with the Visa payWave feature to make a purchase can be faster than paying with cash at quick service restaurants, drive thrus, coffee shops, grocery stores and more. Transactions made with a TD Visa card using the Visa payWave contactless feature will not require a signature or PIN to complete the transaction and will provide customers with another way to take advantage of TD Visa's loyalty rewards programs.
For further information: Matthew Cram, TD Bank Financial Group, (416) 983-1514, firstname.lastname@example.org
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