Interac: Canada’s Latest Payment Solution Phenomenon

Few can argue that digital payment methods aren’t central to modern-day society. In recent times, increasing numbers of payment solutions have come to the forefront, offering consumers more choice regarding their transaction preferences. Canada, in particular, has embraced a wide-ranging selection of secure, forward-thinking options. Of those available throughout the country, Interac has piqued the interests of local consumers the most. So, let’s look at why this payment solution is an especially popular option throughout Canada. 

Usable Across Various Markets 

It speaks volumes about Interac’s versatility in that it’s usable across a variety of different industries. Since being founded in 1984, the Canadian interbank network has become integral to numerous markets, including local air travel. Air Canada, which has been operating since 1937, has expanded their accepted payment methods, and now passengers can pay for their flights using Interac. According to the airline’s official website, the Interac Online service lets consumers pay for their tickets via the internet directly from their bank account. 

Not only that, but Interac is also available at Walmart. In November 2020, the two organizations partnered together to expand in-store and online payment options. Walmart has adapted well to the digital trend, with American Banker reporting that they’ve opened Interac Flash sale points throughout their stores. 

Aside from the above, Interac has also taken the digital world by storm. Following its rapid rise to prominence, the solution has also altered the online casino industry, with platforms like Genesis Casino now accepting the transaction type. The provider, which features Interac Canadian casino options, uses the popular payment method to enhance transaction speeds of deposits and withdrawals, as well as security. Players can use Interac Online and Interac e-Transfer to make deposits or withdrawals from their desktops or mobiles as the platform is fully optimized. 

A Reflection of Modern-Day Society 

In recent times, Interac recorded a 55 percent increase in transactions between April and August 2020 compared to the same period the previous year, as per BNN Bloomberg. These figures somewhat reflect the current state of e-Commerce and modern consumerism. Following the rise of Interac and other payment methods, it’s now less troublesome for consumers to complete in-store and online purchases. 

There’s an ever-growing perception that land-based businesses need to adapt within the digital era and accept forward-thinking payment methods. According to Cision, Interac is of utmost importance to the Canadian economy, and a year-on-year increase in Interac Debit payments of 333 percent reflects that. Not only that, but Interac e-Transfer payments are growing at 52 percent each year. This Interac-oriented trend appears unlikely to fade over the coming years, with the network being selected as the country’s provider for a new real-time payment system, as per Lexology. 

Consumer Habits are Changing 

There can be no doubt that consumerism has changed drastically over the past decade. The popularity of Interac suggests that a cashless future may be on the horizon, with increasing numbers of shoppers enjoying the security of online payment methods. While it’s currently unclear if that will happen, Interac appears to be prevalent for the long run.