Interac

Interac is a Canadian interbank network that enables electronic financial transactions between banks, retailers, and consumers. The network operates a family of payment services that include debit card transactions at point-of-sale, person-to-person money transfers, and online payment methods. The system is delivered through two legal entities, Interac Association and Acxsys Corporation, which jointly manage the network’s rules, development, and branding.

Interac Debit allows cardholders to pay in person or online using their bank accounts, with funds drawn directly from the cardholder’s account. Interac e-Transfer provides person-to-person transfers using recipients’ email addresses or mobile numbers, typically processed quickly through participating banks, with optional security questions for added verification. Interac Online and Interac Flash (contactless debit payments) expand online and in-store payment options by authorizing transactions through the user’s bank interface or enabling tap-to-pay at merchants.

Interac services are available nationwide in Canada and are widely accepted by most banks and credit unions, as well as many merchants. Transactions are typically processed in near real time for e-Transfers and in-store debit payments are settled through the card networks. Cross-border payments are generally not supported by Interac; users who need to transfer funds internationally typically rely on other services or platforms.

Interac is governed by its member financial institutions, which set technical standards, security requirements, and fees. The network emphasizes security measures such as encryption, authentication, and fraud monitoring. Prices and availability may vary by financial institution.