Interac Positioning Itself as the Gateway to the Canadian Market

A company celebrating its 40th birthday looks to have positioned itself as the leading name in Canadian online financial transfers. Interac Corporation began as a venture to connect five major financial institutions, and now, it hosts some 60,000 ATMs that connect to the Interac network and is utilized by nearly 500,000 merchants to enable debit payments across Canada.

Headlining the Interac offering right now is Interac e-Transfer. Facilitating the transfer of funds, particularly online, between personal accounts and business accounts, its widespread adoption since its inception in 2003 has positioned Interac as one of the biggest names in Canadian finance. It works within Canada, acting as an integral gateway for businesses within and outside looking to take payments from Canadian customers.

Businesses across sectors vying for Interac connections

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Over the years, it’s become apparent that if a business or corporation wants to have a strong appeal within Canada, it’s best to run with Interac. In 2021, a huge collaboration was announced showcasing this. Walmart Canada commenced a collaboration with Interac to let customers pay via Interac Debit on the Walmart website and app. As well as major brands working into the Canadian market, Interac has also underpinned new online sectors.

When a relatively new form of business is looking to gain outward credibility when entering a new market, just as iGaming did, it can help to join a major brand like Interac. So, when you visit a site that acts as a gateway to these online casinos, their bonuses, and games, you’ll find a separate page on the platforms that collaborate with Interac. Via an Interac e-Transfer, players can make fast and secure payments to and from casinos.

As well as these, we’ve seen the British foreign exchange fintech firm Wise join up with Interac e-Transfer to allow Canadians to make use of the service. Coinbase went down the same route to integrate Interac e-Transfer and officially expand into Canada. Wealthsimple even broke ground by becoming the first securities dealer to join the e-Transfer service of Interac.

Interac’s huge customer base makes it a gatekeeper

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In June 2022, there was reason for celebration at Interac. The Canadian firm reported that the one-billion payments mark had been met in the previous year. Marking a 16 percent increase on the year prior and a tremendous rate of adoption by consumers and businesses, the e-Transfer arm of Interac alone saw C$338 billion moved around in 12 months.

Nearly 90 percent of Canadians who were eligible to use the Interac e-Transfer service and completed their survey for 2021/22 stated that they used the e-Transfer service. While it’s very convenient and popular, the Interac Debit service has also become integral, particularly for Canadian retail sales, and in May 2023, a new form of Interac arrived. Interac Verified moves the company strictly from payments into digital verification so that Canadians can authenticate their identities online.

Interac has successfully made itself an integral part of the Canadian finance market, and as a result, even the biggest companies looking to get some Canadian custom would be wise to collaborate with the firm.