The Royal Bank of Canada is planning to introduce Visa payWave contactless payment card, offering a faster method of payment at busy merchant environments.
The new cards, which will not require a signature or PIN number, can be used to make purchases under $25 at fast food restaurants, coffee shops, and concession stands, among other places.
Anne Koski, head of payments innovation at Royal Bank of Canada (RBC), said: As the first Canadian FI to offer nationally a credit card with chip technology we’re pleased to be at the forefront of another new technology. Visa payWave will make getting through checkout lines much quicker while providing the extra layer of security of a chip.