Scotiabank today introduced one card that allows Canadians to access debit, credit, electronic purse, loyalty programs and other services.

“Scotiabank is the first Canadian bank to deliver on the promise of a one-card debit and credit solution for our customers,” says Albert Wahbe, CEO of e-Scotia, and executive vice president, Electronic Banking, Scotiabank.

“We are putting debit, credit, micropayments, and loyalty programs on one card to give Scotiabank customers the most convenient banking and payment solutions possible.”

Customers will now have all functions on a single plastic card. Debit card functions, such as ATM access and Interac direct payment, will be accessed on the magnetic stripe. Functions, such as Visa credit, micropayments and loyalty programs will be available on the microprocessor chip. Customers will be able to add or delete chip applications at their discretion.

Today’s announcement builds on a pilot program for credit cards with microprocessor chips announced earlier this year. The pilot will take place in the region around Barrie, Ont. It is expected that more than 12,000 Scotiabank customers will participate in the pilot.

“Customers are demanding ‘smart’ cards that are capable of meeting many of their lifestyle needs,” adds Wahbe. “The choice and flexibility offered to customers will be backed up with the highest levels of security and authentication capabilities.”