Interac Digital Payments

Interac is a trusted online payments provider. This safe, secure and reliable payment service for Canadians is used an estimated 16 million times daily for payments and transfers.

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Interac Digital Payments are provided courtesy of Interac Corporation. This online payment method features prominently with Canadian online casino players. Among the many unique product offerings provided by Interac are the following:

  • Interac Cash – increased access to cash at ABMs in Canada
  • Interac Debit – the first Canadian debit card service for POS purchases
  • Interac Flash – allows POS sales using hand-held debit cards in Canada
  • Interac Online – online payments via bank accounts
  • Interac Solutions – multiple innovative online money transfer systems
  • Interac e-Transfer – bank to bank electronic money transfers
  • Interac Digital Payments – zero liability, ironclad security, rapid payment solutions, and acceptance at hundreds of thousands of merchants across Canada

Interac Association was founded in Canada in 1984. As a major cooperative venture among financial institutions, Interac was geared towards creating a single shared monetary network. By 1996, Acxsys Corporation was founded by leading financial institutions which created the Interac network. Among the many services offered via Acxsys include international services, mobile payments, Interac e-Transfer, and Interact Online.

Interac Association has been operating under a Consent Order issued by the Competition Tribunal since 1996. By 2013, the Consent Order was amended. The changes allow Acxsys Corporation and Interac Association to merge and operate as one entity. By 2018, the re-organization of the company was completed. The unification of both entities allows this Canadian online payment company to innovate more effectively, navigate legal obstacles and reduce complexities.

Interac Tools & Resources

Interac makes it easy for users to find ABMs (automatic bank machines) located throughout Canada. The service also facilitates quick and easy invites to new customers. As an Interac customer, you can effortlessly search for online merchants. The resource section provides plenty of useful links to important client protections and services. These include ‘Zero Liability’, ‘Fraud Prevention’ and the latest Interac Statistics.

In 2017, Interac processed a total of 5,784 million transactions. The total dollar value of those transactions in 2017 was $242 million, with 28.8 million active debit card holders. This is markedly higher than the 24.8 million active debit card holders in 2016, when $217 million worth of transactions were processed.

Canada currently boasts 38,892 debit terminals per million inhabitants. This places it slightly behind Australia (39,337), but well ahead of France (22,322), Switzerland (32,495) and the UK (32,858). Interac is working hard to expand the number of Debit terminals across Canada with its online payments processing services. Canada is still behind the US, Sweden, Netherlands, the UK and Australia when it comes to debit transactions. Interac works hard  to increase adoption and awareness through its digital payments solutions.

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