CASH CARD HITS KINGSTON
By Adnews Staff
Three Canadian financial institutions teamed up this week to launch an electronic cash card pilot project in Kingston, Ont. Called Exact, the card is backed by the Bank of Montreal, the Toronto Dominion Bank and Canada Trust. Kingston customers of the three banks are eligible for the card, which is being handed out free during an introductory period. Twelve thousand cards will be issued over the course of the one-year pilot project and almost 600 Kingston businesses will participate. Before the cards can be used, they must first be loaded with electronic cash at an Exact loading terminal. Terminals are located beside the automatic tellers of the three banks and at selected local merchants, local malls and student campuses. Making a purchase with the Exact card is similar to making an Interac purchase with a bank card. A customer inserts their card in a merchant's Exact terminal and approve the purchase price. That amount is then deducted from the balance on their card. The remaining balance on a card can be checked at an Exact machine. An ad campaign for Exact, using radio, print and outdoor, supports the launch of the project. Bates Canada of Toronto created the ads. Toronto-based Strategic Objectives is handling PR.