The Canadian Imperial Bank of Commerce will be the first financial institution in Canada to issue Visa-branded debit cards, Visa Inc. announced Oct. 18.

The Canadian Imperial Advantage Card now is available at all 1,069 of the institution's branches.

Point-of-sale transactions will be processed as PIN-debit purchases through the Interac electronic funds transfer network, Visa Canada says.

Visa debit cards in Canada will contain EMV chips, complementing Visa's migration to chip technology in Canada. Interac expects the country to completely migrate to EMV by the end of 2015.

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