Interac, Canada’s premier payment system has certainly become central to Canadians since its creation in 1984. In 2019 alone, the system itself has facilitated over 486 million transactions, totalling $169 billion, from everyday customers purchasing their morning coffee to small and major businesses offering their payment services countrywide.
What is Interac?
Interac is a Canadian interbank network that
serves as a debit card system for anyone who has a Canadian bank account. It
allows a user to pay for their purchases from all participating businesses or
send and receive money easily from their banking partners, all with a simple email
or phone number without giving up too much personal information.
Transfers are almost instant but can take up to
30 minutes depending on the bank or credit union.
Its use is so widespread and prevalent that the
Bank of Canada recently designated Interac e-transfer as a prominent payment system
under the Payment Clearing and Settlement Act, effective August 10, 2020. This
brings bank oversight to the system, ensuring that there is a safe, viable and
convenient method of payment for Canadians to use.
In fact, a recent press statement by the Bank of Canada had stated that Interac e-transfer’s service is now so essential that a breakdown of the payment system could wound the economy and unnerve companies and consumers.
Why use Interac?
Generally, Interac is divided into two, Interac Online and Interac e-transfer.
One of the biggest advantages of Interac Online is that users do not need to open up an account and share sensitive financial information unlike other payment systems like Citadel, iDebit, Instadebit, Skrill or Neteller. Because no financial information is shared with the online merchant, this makes it more secure than credit cards offered by banks.
Secondly, Interac Online and Interac e-transfer success transaction ratios have a 98% rate, in contrast with credit cards which have a 43% rate in Canada over the last six months.
Where can I use Interac Online?
Due to its prevalence, most businesses in
Canada accept the Interac payment systems. These days, most online merchants accept
Interac, making it even easier for anyone to adopt the payment system.
How to use Interac?
Exact steps vary by individual bank or credit
union, but the process will always be simple. Just log into your online bank
account, navigate to the Interac e-Transfer section and follow the
instructions.
With its ease of transaction, EmuCasino has decided to offer it in its casino, giving Canadian players even greater freedom to choose their most convenient methods of banking their funds with the casino. Learn more about the new payment method in EmuCasino, here.
