The Interac Token Service Provide (TSP) was developed in collaboration with Rambus and will enable Interac debit cardholders to make mobile payments using Android Pay.
Android Pay offers contactless payments as it does not share credit or debit card information with the merchant. Instead, the ewallet generates a virtual account number to represent the card. If the phone is lost or stolen, customers can use Google’s Find My Device feature to instantly lock the device, change the password or erase all the personal information on it.
Rambus offers software and hardware technology for network security, mobile payments, smart ticketing and transaction services. The company provides security for nine billion licensed products annually with secure access to data.
Android Pay has been launched in Canada and several other countries at the beginning of June in 2017 and more banks are expected to support mobile payments through the app.
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