While MasterCard is preparing to roll out its chip cards across the Canadian market, Canadian Tire, which owns retail stores, gas stations and car washes, is setting up its software, point-of-sale systems, and retail processes to be chip-ready.
In preparation for the national introduction of chip cards, MasterCard has been working closely with its Canadian card issuers, the five major Canadian payment processing companies and merchants since 2005, with a target to complete the rollout by 2010.
As a major national retailer visited by 40% of all Canadians every week, Canadian Tire’s chip readiness signals significant progress towards preparing the Canadian marketplace for chip, said Kevin Stanton, president of MasterCard Canada. Over the last few years, there’s been a lot of behind-the-scenes planning and preparation with issuers, processors, and business partners. Later this year and next, Canadian MasterCard cardholders will begin to receive their chip cards with national critical mass expected by 2010.
The majority of merchants will be made chip-ready by their payment processors which are upgrading point-of-sale terminals to be chip compatible. However, larger national retailers such as Canadian Tire will require custom preparation and planning.
