Canadian Tire Rolls Out Chip Card Technology Across the Country
TORONTO, July 13, 2009 – Canadian Tire reinforced its commitment to providing the most secure and convenient payment options for its customers when it announced, today, the completion of the rollout of new point-of-sale terminals in Canadian Tire Retail stores across the country. With the rollout now complete, Canadian Tire is the largest retailer in the country to complete a national rollout, ensuring that the 475 stores in its network are chip card compatible.
The most secure payment option in the industry, chip card technology uses a small computer processor chip with memory, logic and a configuration of software applications, significantly enhancing security. The chip holds information in an encrypted form and requires the use of a PIN (personal identification number) to complete the payment process. Working closely with MasterCard Canada and Moneris Solutions Corporation (“Moneris”), Canadian Tire is the first Canadian retailer to rollout chip compatible point-of-sale terminals across the country.
“Canadian Tire Financial Services continues to be focused on safeguarding the security and trust of our customers,” said Jim Kozack, Vice President, Canadian Tire Financial Services. “After successfully testing Canadian Tire Options MasterCard credit cards in the Kitchener market, we decided to roll-out the chip card payment platform nationally and later this year will begin national rollout of our new MasterCard chip cards.”
David Ades, Senior Vice President at Moneris Solutions said “We help businesses like Canadian Tire by providing world-class payment solutions and we are extremely pleased to have Canadian Tire as our first integrated chip card merchant. The early adoption of chip card technology by a leading Canadian retailer paves the roads for other merchants in their transition to the new and more secure technology.”
“MasterCard Canada congratulates Canadian Tire on its pioneering achievement as Canada migrates to chip” said Oliver Manahan, Vice President Advanced Payments, MasterCard Canada. “Clearly, Canadian Tire saw the benefit chip would bring to their operations, and vigorously executed to realize their vision”.
About Canadian Tire
Canadian Tire Corporation, Limited (TSX: CTC, CTC.a), operates an inter-related network of businesses engaged in retail, financial services and petroleum. The Company operates more than 1,200 stores, gas bars and car washes, including the country’s most-shopped general merchandise retailer. Canadian Tire Financial Services manages approximately 5.0 million Canadian Tire MasterCard accounts and markets related financial products and services for retail and petroleum customers. More than 57,000 Canadians work across Canadian Tire’s organization from coast-to-coast in the enterprise’s retail, financial services, and petroleum businesses.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
About Moneris Solutions Corporation
As one of North America’s largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment. Through its Ernex division, Moneris also provides electronic loyalty and stored-value card programs. With more than 350,000 merchant locations generating close to three billion payment card transactions annually, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
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