Royal Bank of Canada (RBC) has teamed up with Interac, developer of Interac Flash, Canada’s only contactless debit payment system, to complete the first Near Field Communication (NFC) payment.
The first successful transaction, which was completed at McDonald’s Resturant in Toronto and used BlackBerry smart phones, securely and immediately debited funds from customers’ RBC bank accounts.
Customers need only to hold their mobile phones in front of an Interac Flash point-of-sale terminal to complete a transaction.
Dave McKay, group head, personal and commercial banking, RBC Royal Bank, said of the technology: "RBC clients will be able to use their mobile devices to make debit payments when and where they wish to make them – and then to immediately check their online bank balance from those same devices, we know merchants want fast, secure and low-cost transactions and that is exactly what Interac Flash helps ensure."
RBC will be providing the contactless mobile payment system, Interac Flash, when it comes to market later this year.
Partners in the innovative include: McDonald’s Restaurants of Canada, RBC Royal Bank, Moneris solutions and Blackberry smart phones.