Box Watch - July/August 2007

February 27, 2008
Written by Greenhouse Canada
Canadian Tire Launches Payment Chip Card Pilot
Canadian Tire recently announced plans to implement a pilot program in March 2008 that the company hopes will provide customers with enhanced payment security.

Next spring, a new payment chip card will be introduced to five Kitchener-Waterloo, Ont., stores as part of an industry-wide pilot program. The card will then be introduced to the 468 other Canadian Tire locations later in the year.

The program will see the installation of a micro-computer chip into customer payment cards. The chip will hold encrypted information such as the cardholder’s account number and Personal Identification Number (PIN). When purchasing an item, the customer will enter a PIN number as opposed to signing a receipt, the method currently used.

The chip allows for faster transactions and encrypted confidential information is stored directly on the card. Information can be retrieved instantly from the card and not through the customer’s financial institution. In addition, if the card is lost or stolen, it cannot be used without knowledge of the PIN number.

If the pilot program is a success, payment chips cards could be a regular feature in Canadian Tire stores throughout Canada by 2010.

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