TWO BANKS TO TEST ANOTHER SMART CARD
By Adnews Staff
The Bank of Montreal and the Toronto Dominion Bank have teamed up to test a smart card called Exact beginning in the fall. The test will be done in Kingston, Ont. and will last a year. The banks will begin promoting the cards through their sales forces to merchants in about two weeks. They may also use direct mail. Consumer advertising will start in the fall. It will likely use print, radio, outdoor and special events, although plans have not been finalized. Bates Canada of Toronto is creating the campaign, after winning the assignment in competition with several other unnamed agencies. Karen Blaine, manager of corporate marketing at the Bank of Montreal, told Adnews that Bates offered the best combination of full-service marketing capabilities, familiarity with the Kingston market, and no conflicts-of-interest with other financial institutions. Kingston was chosen as the test site because of its size and demographic profile. In addition, there are three post-secondary campuses in the city. Exact is based on the Proton card developed in Belgium. It is similar to the Mondex card created in Britain, and being tested in Canada by the Royal Bank of Canada and Canadian Imperial Bank of Commerce beginning this fall in Guelph, Ont. Both cards store cash value on a computer chip on the card. When a consumer makes a purchase, the value is deducted from the card.