InteracCanada's Trusted Electronic Payment Solution
Established in 1984, Interac is one of Canada’s leading electronic payment services. It allows Canadians to make secure online purchases directly from their bank accounts without the need for credit cards. With its seamless integration into most of Canada’s major banks, it’s a preferred choice for many Canadians when transacting online.
Approximately 37.6 million (as of 2021)
- Number of Internet users
Over 34 million
- Popular payment methods in Canada
Credit/Debit Cards, Interac Online, E-Transfers, E-Wallets.
- Interac Online
- Credit/Debit Cards
- Bank Transfers
- Type:Online Bank Payment
- Currency:Canadian Dollar (CAD)
- % of coverage:Approx. 90% of the Canadian banking population (2022)
- Transactions to date >4 billion CAD (estimated)
- Total merchants using Interac Online:>450,000 (estimated)
- Chargebacks: Limited, depends on the nature of the transaction
About payment system
Interac has become synonymous with secure and instantaneous online payments in Canada. Given its integration with virtually all major Canadian banks, it offers a level of trust and familiarity that few other payment methods can match in the region.
For consumers, the process is straightforward: select Interac Online at checkout, choose their bank, and authenticate the transaction via their online banking portal. Since no financial details are shared with the merchant, the risks associated with data breaches or unauthorized transactions are minimized.
Merchants appreciate Interac Online for its fast settlement times and relatively low transaction fees, especially when compared to traditional credit card processing rates. The widespread adoption and trust in the Interac brand also mean potentially higher conversion rates for businesses that cater to Canadian consumers.
Furthermore, Interac Online’s security features, such as transaction encryption and authentication processes, make it a reliable choice for those prioritizing online safety. Its continued evolution, with features like Interac e-Transfer, highlights the organization’s commitment to meeting the changing needs of Canadians in the digital age.
The customer selects Visa as their payment option and enters their credit card details to complete the payment.
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Our fare pricing is designed to bring satisfaction to both sides of our partnership. The pricing structure is tailored to your specific business type and monthly turnover. Kindly send us a request, including details about your business, and our dedicated success manager will promptly get back to you with our best offer.