Jul 28, 2016
A co-badged debit card is a card that can access multiple networks for debit transactions. For example, a co-badged debit card can access the Interac network and an adjoining payment network for payments made directly from your bank account. These cards can be recognized by displaying the Interac logo and the competing payment brand logo on the front of the card. Although payments are made directly from your bank account, depending on the nature of the transaction, transactions can be processed through the Interac network or a competing payment network.Although,we can not provide this type of the co-badged debit cards service at paymentship site now!But,in the future,it will be come true at paymentship site!
In Canada, competing services from different payment networks can not be offered on the same debit card. This is one of the provisions of the Code of Conduct for the Credit and Debit Card Industry in Canada, which has been promulgated by the federal government to promote healthy competition and fair business practices among industry stakeholders.In general, this means that financial institutions must choose the payment method that will be used for each type of national payment transaction for the cards they issue to their customers.
If a debit card is presented with a shared card for retail purchases in Canada with the Interac logo, the Interac network will process the payments. Financial institutions have generally chosen the Interac payment brand for transactions at the point of sale. Contactless payments are also treated as Interac Flash transactions in the Interac network. Interac Flash is the contactless extension of Interac Debit. This feature on a co-badged debit card can be detected by displaying a wave of symbol, usually on the front of the card.
In general, a co-badged debit card that are currently on the market can not be used for online purchases with Interac Online. Some financial institutions have chosen another payment network for online debit transactions and, as a result, their customers do not have access to Interac's online service with a debit card with an ID card.For this point,a co-badged debit card is not totally perfect.At paymentship site,customers can choose other payment methods to trade!
