First Debit Card Chip Unveiled In Canada

There are millions of debit cards swiped every day in Canada but there weren’t any like the one that was used in an office building in Mississauga Monday. That’s because the charge applied in the TD/Canada Trust Creekside Corporate Office involved a card with a chip embedded in it.

It might not sound like such a big deal. But the test is a prelude to what’s coming next – cards that have the extra security features built into them. What will it mean to you?

In addition to the added safeguards, your future transactions should be a lot faster, and the card will never leave your hand. The chip will take the place of that ubiquitous magnetic stripe and make it harder for thieves to get at the information it contains. And you’ll be able to enter a PIN and not have to sign anything for credit cards to ensure no one’s taking advantage of you or your limit.

And while it’s not perfect, it promises to cut down on all kinds of problems for consumers. It’s already been a hit in places where it’s common – including Europe. “While no technology is foolproof, there have been no reported breaches of technology related to the chip card transactions anywhere in the world,” assures TD’s Jeff van Duynhoven.

So when will you be getting one? It depends on where you live. The banks will begin testing the new card in Kitchener this fall. If they’re problem free, expect to see them across the country by late next year. And while you’ll no longer have a chip on your shoulder about getting ripped off, you’ll have one in your wallet. And according to security experts, that’s a good thing.

Find out more about the card here