Visa and CIBC were able to work out just how a network branded debit card would operate in a country with a national debit scheme – by separating transactions that are in-store from those that are done online.
The door is open and it shouldn’t be too long before we see other announcements of this type.
Two years after talk started that the major card networks had designs on Canada’s debit card market, Canadian Imperial Bank of Commerce and Visa Canada announced Monday that CIBC was introducing the country’s first Visa-branded debit card. The card, dubbed the CIBC Advantage Card, is good in Canada only for online and phone-based purchases and ATM transactions, but cardholders can use it abroad wherever Visa is accepted.
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