September 9, 2021 by archyde

Interac has been providing Canadians with a safe and reliable payment option since the early 80s. Originally, Interac began as a non-for-profit network that was set up to act as a debit card system that would facilitate e-transfers between five Canadian banks: Desjardins, Scotiabank, RBC, and TD. Over the years, a further 80 financial institutions joined the network. Acxsys, a for-profit organisation ran alongside Interac, which enabled the association to launch a broader range of products. By 2018, the two organisations were merged into one: Interac Corporation.

Interac is widely considered to be one of Canada’s biggest success stories. Theirs is one of the most widely used POS system within land-based stores, and Interac cards can be used in over 50,000 ATM machines nation-wide. Interac has also become one of the most widely used online payment methods in Canada. Customers can use it at Interac casinos, as found here, as well as at a huge range of online retail outlets and service providers. And Interac e-transfers allow customers to send payments directly to one another almost instantaneously, with just a few simple clicks.

Interac Direct Payment

Interac offer a several services. The original debit card – the Interac Direct Payment card, is still used today. The debit card is attached to a bank account, and any payments that are made using the debit card are deducted directly from said bank account. Customers need only to enter their PIN at the POS to facilitate instant payment. In 2007, Interac changed to EMV chip technology to improve the level of safety associated with the debit card. It had become too easy for criminals to steal a card’s information from its magnetic strip and then use that information to make a copy of the card. EMV chip technology uses encryption that makes it practically impossible for anyone to access the information contained within the card.

Interac e-Transfer

Interac e-transfer allows customers to send and receive money from one Canadian bank account to another with minimal fuss. Interac acts as a middleman between the two banks. This service can be used by both individuals and business. Over 250 financial institutions accept Interac e-transfers, and each one imposes its own transfer limits and fees. In order to send money from one account to another, both parties must have an Interac account connected to their bank account, and their Interac accounts must be connected to an active mobile number or email address. Here’s how it works:

  • First you need to log in to your bank’s online app
  • Next, select your Interac account
  • Enter the mobile number or email address of the person you’re sending money to
  • Enter the amount of money that you’d like to send
  • Choose a security question – and make sure the recipient knows the answer
  • Hit send

The recipient will need to able to answer the security question in order to access the funds on their end. However, customers can now sign up to Interac e-Transfer Autodeposit if they wish to skip this step.

It is also possible to use Interac e-Transfer to make international transfers. However, not all international banks are willing to participate, and you may find that the fees involved are too high to make this a viable option. For now, it’s probably easier to just do a traditional international bank transfer.

Interac Online

One of the safest ways for Canadians to make online purchases is to use Interac Online. Interac Online works in a similar fashion to most e-wallets. The funds are drawn from your bank account and paid directly to the merchant. This is not a system of credit, so payments can only be made if you have sufficient funds in your account. Interac offers both the customer and the merchant an extra layer of safety because when using Interac, there is no need to share your bank details online. As previously mentioned, you can use Interac Online at a wide variety of online retail establishments. It is possible to use Interac Online to pay for travel arrangements and to pay bills; it’s even possible to use it to pay University tuition fees at a number of institutions. We also mentioned Interac casinos earlier because nowadays Interac Online is the most popular option for safe and secure deposits and withdrawals.

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Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my