The Debit Card Is Here to Stay
In February 2005, however, the Association announced approval by its Board of Directors to migrate to chip technology for the delivery of INTERAC Shared Services. Currently, the Association plans to have the necessary infrastructure in place for its members in 2006, with the first INTERAC chip transaction targeted to take place in 2007.
"The debit card is here to stay," says Fletcher.
Fletcher predicts the rise of Internet debit services that will offer consumers convenience and a certain amount of security, while providing banks with a significant new revenue stream plus the ability to significantly reduce costs over the previous banking transaction model.