Visa announced today that 43 Toronto Parking Authority (TPA) Green P lots in the City of Toronto have joined a growing roster of Visa payWave contactless payment enabled merchants across Canada. Drivers in Toronto will now be able to simply "wave and go" when parking in one of 11,600 parking spaces in the city.
"We know Torontonians are busy, and we want to take care of them as efficiently as possible," said Gwyn Thomas, TPA President. "Visa payWave will help save our customers time as they can enter and exit our lots much quicker."
Now, when Visa payWave cardholders enter one of TPA's 43 Visa payWave enabled parking lots in Toronto, they can simply wave their card close to the contactless terminal to gain access to the parking lot. The contactless terminals will bear the Visa brand mark and the universal contactless symbol which is also displayed on the card. When exiting, the cardholder will once again wave their Visa payWave card close to the contactless terminal to process the final payment. Once the receipt is issued, the driver will be allowed to exit.
TPA has also added contactless terminals to its Zeag pay on foot pay stations, so drivers who take a ticket when entering a lot can use Visa payWave to pay for their parking at these stations before they return to their cars and depart.
"The increased speed of contactless payments is a perfect fit for a high volume business like a parking garage," said Mike Bradley, Head of Products, Visa Canada. "Green P has a long history of innovation in the parking industry in North America, and we're pleased to help them serve their customers more quickly and securely with Visa payWave."
Visa payWave offers a platform for future innovations. Contactless payments deliver speed and convenience to merchants and Visa cardholders while offering the built in security benefits inherent in chip technology. Visa payWave transactions employ EMV chip technology, which uses a standard 128-bit encryption technology, to securely store and encrypt confidential information. When a customer uses a Visa payWave terminal the card and the terminal reader exchange security information and the transaction is completed, all in less than one-third of a second. The cardholder does not need to swipe their card or let it out of their possession, keeping the transaction quick and secure.
Visa employs a layered approach to its fraud prevention efforts, including Zero Liability, which protects card holders against fraud if a stolen Visa card is used to purchase goods in person, online, by mail or by phone.
About VisaVisa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networksVisaNetthat is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products
About Toronto Parking Authority
The Toronto Parking Authority (the "TPA"), branded as "Green P", is a self-sustaining and self financing public corporation owned by the City of Toronto with a mandate to provide safe, attractive, conveniently located and competitively priced off-street and on-street public parking. Recognized as a world leader in parking technology services, the TPA has built an international reputation as a forerunner in effective and innovative parking solutions ensuring that local businesses continue to grow, neighbourhoods remain vibrant, and that the environmental footprint is minimized.
First established as an agency of the City of Toronto in 1952, the Toronto Parking Authority of today provides 21,600 off-street spaces in 199 facilities including 24 parking garages, as well as close to 18,000 on-street spaces controlled by pay-and-display machines or meters. In addition, the Authority manages, on behalf of the Toronto Transit Commission, 14,000 spaces at their park and ride facilities and parking areas on behalf of the City's Parks and Recreation Department serving the waterfront parks during the summer season. The Toronto Parking Authority is the largest municipal parking operator in North America.