Visa launches debit cards in Canada

October 18, 2010, Toronto – Visa Canada has launched its first debit card in the Canadian market.

CIBC is the first issuer to offer Visa Debit through its CIBC Advantage Card, allowing consumers to shop online, by phone and by mail in more than 200 countries and territories around the world. The card lets users pay for purchases with funds directly from their bank accounts, just as they would with a traditional debit card.

“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 from Canadian merchants. At the register, the new card will be processed through the existing Interac 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 the company’s Zero Liability Policy, E-Promise and Verified by Visa. All of the new cards will also be chip-enabled.