TD Canada Trust has completed its first Visa payWave transaction for its ongoing trial of the new service in the Kitchener and Waterloo, Ont. area.
The contactless payment technology – which gives TD cardholders the option to pay for small purchases by waving their chip-embedded bank cards near a payment terminal – was used this week at a local Dairy Queen restaurant. TD Merchant Services have installed Visa payWave readers throughout the area during the Southern Ontario pilot project and expect to continue expanding in the coming months.
The Visa payWave platform is based on EMV chip technology, which is already in widespread use in Europe. TD said the encrypted data on the EMV chip cards provides increased protection against counterfeiting and skimming fraud.