Oct. 26, 2010 – Last week, Visa Canada announced the launch of the company's first debit cards in the Canadian marketplace.
Oct. 26, 2010 – Last week, Visa Canada announced the launch of the company's first debit cards in the Canadian marketplace.
CIBC
is the first Canadian issuer to offer Visa Debit through its CIBC
Advantage Card, which will be available in branches beginning today. In
Canada, the CIBC Advantage Card will provide Canadian consumers with
the ability to shop widely online, by phone or mail and in more than
200 countries and territories around the world using funds directly
from their bank accounts.
"Visa has supported the adoption of
debit as a convenient and secure payment alternative for consumers and
businesses around the globe for more than 20 years, and we are pleased
to bring more choice and added benefits to Canadian consumers with the
introduction of Visa Debit," said Tim Wilson, head of Visa Canada.
"Visa Debit's expanded functionality enables consumers to shop online,
over the phone, in-store at millions of merchant locations
internationally, or to set-up recurring bill payments—with all the
security features and protections that come with using a Visa card."
Debit
cardholders will continue to be able to withdraw cash from automated
banking machines (ABMs) and purchase goods and services at a Canadian
merchant with funds directly from their bank account. At the register,
the CIBC Advantage Card will be processed through Interac®, Canada's
existing debit network.
Purchases made online, over the phone,
by mail or internationally will be processed over Visa's network and
will offer purchase protection with Visa's multiple layers of security
including:
- Visa Zero Liability Policy – Visa cardholders
are not liable for unauthorized use of their card if their card is
lost, stolen or if their card number is used fraudulently. - The
Visa E-Promise – provides additional protection when using a Visa card
to shop online, by mail, or by phone if the cardholder has tried, and
has been unsuccessful, in resolving a dispute directly with the
merchant. - Verified by Visa (VbV) – offers greater protection
against unauthorized use of Visa cards online, by registering a
password and shopping online at VbV enabled merchants. - Three-digit
code (CVV2) – provides a crucial security feature on the back of Visa
cards that helps merchants validate purchases made with Visa cards
online and by phone.
All Visa Debit cards in Canada will also be chip-enabled, complementing Visa's migration to chip technology in Canada.
For more information on Visa Debit, go to Visa.ca/debit.
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