emv canada

"First MasterCard Chip Transaction Signals Readiness for Roll-out Across Canada

TORONTO, Sept. 25 /CNW/ - A simple payment transaction made today at a
Toronto-area spa and salon marked an important milestone in the introduction
of chip cards in Canada. It was the first chip and PIN transaction made with a
Canadian MasterCard chip card in a real world retail location. The transaction
was made with a BMO Mosaik MasterCard at Tresses Spa and Salon on a Moneris
point-of-sale (POS) terminal.
The transaction demonstrates the advanced state of readiness for the
roll-out of chip cards and devices. As a card issuer, BMO Mosaik MasterCard -
the largest MasterCard issuer in Canada -- is preparing for the phased
introduction of chip cards to its cardholders. Moneris Solutions, Canada's
largest processor of credit and debit card transactions, has been providing
merchants across the country with chip-compatible point-of-sale systems to
accept those cards. MasterCard Canada is working with card issuers, processors
and merchants to provide expertise on chip implementation and to ensure the
Canadian transition is made in the most efficient, cost-effective fashion.
A major market trial of chip cards will take place in Kitchener-Waterloo,
Ontario in a few months time and is a precursor to the national roll-out of
chip cards.
"We're looking forward to introducing all our cardholders to their new
chip BMO Mosaik MasterCard cards over the next couple of years," said Mike
Kitchen, Senior Vice-President, Card and Retail Payment Services for BMO Bank
of Montreal. "BMO customers value Mosaik MasterCard because it is a quick,
safe and simple way to make purchases from anywhere in the world. By
participating in Canada's first MasterCard chip-to-chip credit card payment
transaction, we are reinforcing with our customers that BMO remains at the
forefront of ensuring that they can make purchases even more safely and
securely than ever before."
"Chip cards take payment cards to the next level of technology with
greater capacity and enhanced security," explains Kevin Stanton, President,
MasterCard Canada. "The impact on consumers' daily experience is minimal -
entering a PIN instead of signing a receipt - but the benefit for the security
of payments is great. And today we saw another significant milestone achieved
with the first MasterCard chip and PIN transaction."
"Moneris is at the forefront of bringing chip to the Canadian market,"
said Jim Baumgartner, President and CEO Moneris Solutions. "We were among the
first acquirers in Canada to be chip-certified by three payment brands and we
already have more than 75,000 chip-compatible payment devices in the
marketplace. We're leading the roll-out for chip acceptance across Canada."
The new chip cards carry a small computer processor chip with memory,
logic and a configuration of software applications, significantly enhancing
security. The chip holds information in an encrypted form and requires the use
of a PIN (personal identification number) to complete the payment process.
Canadian MasterCard cards will also continue to carry magnetic stripes in
order to be compatible with non-chip POS terminals.
Credit and debit cards are being upgraded to chip in order to enhance the
security of payments and particularly to protect the Canadian market from
global fraud migration as chip rolls out in other countries. Already more than
70 per cent of payment cards issued in Europe are chip-enabled."