Digital Payments: Interac Mobile and Online Payments

Overview of Interac Mobile Payment Options

Today, we’re going to look specifically at Interac’s smartphone-enabled purchasing options. They include mobile wallet banking via Interac Debit, Interac Debit eCommerce, and Interac eTransfer.

Interac Debit (formerly Interac Flash)

Originally introduced as the Interac Flash mobile app by RBC and Scotiabank, all banks and credit unions on the Interac network are now able to issue Interac Debit cards to their members. Interac Debit is a physical debit card that bears the Interac logo. Each debit card has a state-of-the-art security chip and is capable of contactless payments. Simply tap the card on any payment kiosk that depicts the Tap to Pay icon to initiate a digital transfer.

Your Interac Debit card can be used for online purchases by linking it to any compatible payment service (see Interac Debit for Online Payments below). These include digital wallets like Apple Pay, Google Pay, and others. Cardholders can also use Interac Debit online by choosing debit card as the payment method and entering its numerical values.

Interac Debit for Online Payments (eCommerce)

The eCommerce edition is an extension of Interac Debit specifically for digital transfers. It can be used much like the original Interac Online service (which seems to be getting phased out at the moment). Users can pay with Interac Debit for Online Payments on any website that displays the Interac Online or Interac Debit eCommerce logo.

There is no need to enter any personal information or bank card details when using this payment method. Instead, the user will choose their bank name from a list of supporting financial institutions. From there, the user is redirected to their bank’s website to log into their online banking service to review and confirm the payment details.

Interac Debit for Online Payments is also the product line associated with eWallets. When you link your Interac Debit card to Apple Pay, Google Pay, or any other supported mobile wallet, you’re capable of using the card digitally. A simple tap of your smartphone at a mobile-compliant payment kiosk does the job.

Interac E-Transfer (Beware Bank Fees)

An Interac eTransfer is usually a payment that takes place between two individuals. It can also be used to transfer cash from a consumer to a business. A variety of online casinos accept Interac eTransfers for their speed, security and convenience. The two participants in the transfer must communicate the details of the payment before setting it up.

When making this type of mobile Interac payment, the sender will enter the amount to transfer, along with the email or mobile number of the recipient, and a security question and answer. The recipient will then receive a message stating that they’ve received an Interac eTransfer. They must respond to the message with the correct answer to the security question. In this way, Interac eTransfers are incredibly secure, protecting the sender from incidental error.

Note that Interac does not charge users a fee for sending or receiving an eTransfer. Interac only charges the financial institution a small fee to process the payment. Banks and credit unions are very likely to pass that fee on to their customers. We advise you to check with your financial institution to see what fees, if any, you may incur.

How to Use Interac Digital Payments

Interac’s collection of digital payment products are designed with simplicity in mind. Each one requires little more than basic knowledge to complete. Instructions are always provided along the way.

By linking your Interac Debit card to your mobile wallet (Apple Pay, Google Pay, etc.), your smartphone and/or smartwatch essentially becomes an extension of your debit card. Choosing your mobile wallet to complete an online purchase will debit funds directly from the card’s issuing bank account.

Even in physical retail locations, you’ll no longer have to pull out your physical wallet or purse, fumbling through the sea of cards, paper money, and other miscellaneous items. Instead, you’ll tap the corresponding app, then hold your phone near the merchant’s payment kiosk. When you hear the beep, your payment is complete.

This process utilizes NFC technology, otherwise known as “Near Field Communication”. This enables your mobile device to communicate and exchange information wirelessly with other electronic devices. In this case, the payment kiosk searches for a signal from a mobile banking app. When they link up, they share information just like they would if you were to swipe a physical card.

Mobile Interac Security and Compatibility

You may remember a time when Interac had its own mobile app. Those days are long gone. Instead of focusing its efforts on the maintenance of yet another app, Interac mobile payments take place through the apps that are already on your phone. Every iPhone comes with Apple Pay, just as every Android comes with Google Pay. These wildly popular payment apps utilize the strictest security technologies. Thus linking your Interac Debit gives users instant access to the best of both worlds.

The only requirements to use your Interac on your mobile device are:

• The user’s financial institution supports Interac; (this covers 90% of Canadian financial institutions.)
• The mobile device supports NFC technology; (all modern mobile devices do.)
• The mobile payment wallet application supports Interac Debit.

Check with your Canadian bank or credit union to see if you can use these secure and convenient Interac mobile payment options.