Canadian consumers will soon be able to use Interac Debit for e-commerce purchases cross border and abroad
TORONTO, June 5, 2018 — Interac Corp. (“Interac”) announced its work with international payment service provider Bambora to soon allow Canadians to use Interac Debit to pay for e-commerce purchases from merchants domestically and cross-border.
“Our work with Bambora will take Interac Debit for e-commerce across the border and extend its many advantages to international merchants serving Canadian customers online. This is another example of the way we at Interac are continually expanding payment choice and convenience for Canadian consumers and merchants,” said Nader Henin, Director, Digital Payments at Interac. “Canadians use Interac Debit more than any other payment card*, with over 5.7 billion transactions made in 2017, and now the service will soon be available for cross-border e-commerce purchases for the first time.”
Interac and Bambora’s work together will benefit the many small- and medium-sized businesses who already use Bambora by allowing them to take advantage of the wide debit base that Interac offers. Henin also notes that international merchants will benefit from the Interac Debit “good funds” model, in which payors’ funds are immediately deducted from their bank account, eliminating the risk of chargebacks. Additionally, international merchants will gain access to the Canadian Interac Debit network, while expanding their digital footprint in Canada all within the trusted security framework and fraud-prevention measures that Interac offers.
“Working with Interac is another example of how Bambora helps businesses accelerate growth and scale with simple and secure payment solutions.” said Tristan Kenning, Head of Product at Bambora within North America. “Reaching beyond the Canadian border will give international businesses new ways for Canadians to pay. For businesses using Interac Debit for e-commerce transactions will give them a wider customer base, eliminate chargebacks and lead to higher conversions.”
Bambora helps businesses grow. With products designed to simplify the payment experience, entrepreneurs finally have a partner they can rely on — online, in-store, or in-app. Founded in 2015, Bambora is a collection of companies with decades of experience in the payments industry. In July 2017, Bambora was acquired by Ingenico Group, a global leader in payment solutions, listed on the French Stock Exchange.
About Interac Corp.
Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada’s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.
* Based on a 2016 research study conducted by DIG Insights and funded by Interac Corp.