First ‘Interac Flash’ Debit NFC Payment Completed at McDonald’s

Looks like the wars for NFC mobile payments have once again started to heat up. Interac today has announced it has completed the first NFC debit transaction at McDonald’s, with funds being withdrawn from a RBC Royal Bank account.

AMOBILEimage

Dubbed Interac Flash, today’s NFC transaction was made on a BlackBerry (sounds similar to Rogers and CIBC’s NFC demo at Tim Horton’s a while back) as it ‘tapped’ a Moneris terminal. RBC says Interac Flash debit transactions will be free for personal banking accounts.

“This achievement in mobile debit innovation helps solidify our role in the mobile payments space in Canada,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “Soon, Canadians will be able to use their mobile phones to pay with Interac Flash quickly, conveniently and securely when making everyday purchases – bringing added value not only to consumers, but also to the merchant community and our partner financial institutions.”

Scotiabank was also present and announced it would also be participating in providing support for Interac Flash NFC payments. Estimates note the market for cash transactions below $20 is worth more than $90 billion per year, so early adopters are looking to jump on this with mobile payments. Unfortunately at this time, there is no NFC support on the iPhone.

[via The Globe and Mail]

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • Matt

    Here’s the problem I have with NFC payments, very often when I’m out and about and try to pay for something using an credit card with “tap” capabilities I can’t because either their terminal hasn’t been updated or the tap feature is unavailable. This is fine when you have a physical card but if you rely solely on an NFC phone you’re screwed when retailers aren’t keeping their terminals in working order and/or up to date.

  • I think we are a long way away from relying on our phone exclusively to pay. hell, I still run into terminals that don’t have the chip reader activated… but it’s a beer vender, so I can’t really boycott it, lol.

  • LOL. iphone5 and iphone in general is just so outdated now . No wonder people are switching to Blackberry and the new Z10 phone which is leaps and bounds ahead. Don’t forget all the security issues with ios and android as hackers are having a feild day on those two OS.