Scotiabank is introducing a single bank card that allows Canadians to access and choose credit, electronic purse, loyalty programs and other services using microchip technology.

The pilot program will be launched early next year in the region around Barrie, Ont. and more than 12,000 Scotiabank customers will participate. It will be the first test “smart cards” to review the applicability of international and Open Platform standards. Current Scotiabank customers will be able to sign up for the pilot by contacting their local branch in Barrie or Angus.

The new card is ready for the EMV (Europay, MasterCard, Visa) implementations that will result in the replacement of magnetic stripe cards with industry standard chip and striped credit cards. The EMV standard was designed by Europay, MasterCard and Visa as a common specification framework to enable chip-based payment cards to communicate with point-of-sale terminals around the globe. The chip-based EMV standard delivers enhanced security.

“Scotiabank is the first Canadian bank to deliver on the promise of a one-card solution for our customers,” says Albert Wahbe, chairman and CEO of e-Scotia and EVP, Electronic Banking, Scotiabank. “Customers are demanding ‘smart’ cards that are capable of meeting many of their lifestyle needs. The Scotiabank solution will give customers greater control by allowing them to add and delete card services at their discretion.”