Toronto, March 11, 2021 – Interac Corp. welcomes the announcement by Metrolinx that contactless payments will be added as an option for transit riders. Users of the UP Express will be the first to benefit from this new payment method.
Starting this spring, UP Express riders will be able to purchase transit fares by using a contactless-enabled Interac Debit card or mobile wallet. Following the UP Express pilot, contactless debit access will be extended to more transit agencies in a phased manner.
“The addition of contactless payment options is an important step towards a more seamless, mobile and convenient public transit experience,” said Peter Maoloni, VP Product & Services, Interac Corp. “When transit authorities add Interac Debit they are offering their riders a form of payment that almost 30 million Canadians already use for day-to-day purchases. The inclusion of contactless payment options can also help with the responsible recovery of transit networks – and cities – from the COVID-19 pandemic.”
When Interac polled Canadians in 2020, it found that nearly seven in ten (69 per cent) transit riders would be likely to use ‘open’ payments – i.e. contactless payment options which remove the need to purchase dedicated tickets and passes to ride.
Over half (55 per cent) of those surveyed agreed that paying this way would reduce wait times for purchasing a ticket or pass. And 31 per cent said it is financially challenging for them to pay for transit passes in advance. With contactless payments, Canadians will have the option to pay directly via their debit card or mobile wallet without the need for dedicated transit passes.
Interac is working with transit authorities and other mobility service providers across Canada to enable contactless debit as a form of payment, subject to availability at participating financial institutions. We look forward to sharing more information on how Canadians can utilize this convenient and secure payment option.
About Interac Corp.
Interac Corp. empowers Canadians to transact digitally with confidence by providing payment and value exchange services rooted in security, reliability, and efficiency. As a leader in digital security and authentication alongside our subsidiary, 2Keys Corporation, security is the core of everything we do. Through our world-class privacy, fraud mitigation and governance expertise, we help keep Canadian customers safe and secure when transacting with Interac. With nearly 300 financial institutions connected to our network, Canadians choose Interac products an average of 18 million times a day to pay and exchange money. Interac is committed to championing workplace culture and corporate citizenship based on the principles of responsibility, diversity and inclusion. We are proud to be one of Canada’s leading and most trusted financial brands. For more information, visit newsroom.interac.ca.
For further information
Media Contact: Interac Corp., 416-869-2017, email@example.com