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'''Interac''' is Canada’s dominant domestic debit-payment and account-to-account (A2A) money-movement brand. Operated by '''Interac Corp.'''—a company owned by major Canadian financial institutions—the network powers point-of-sale debit purchases, ABM withdrawals, and digital money transfers ('''Interac e-Transfer'''). Interac connects banks, credit unions, merchants, payment processors, mobile-wallet providers, and other participants under common technical, security, and brand standards.

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<div style="font-weight:700; color:#b91c1c; margin-bottom:6px;">At a glance — Interac</div>
{| style="width:100%; border-collapse:collapse;"
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Type
| style="padding:4px 6px; vertical-align:top;" | Bank-owned payment network & brand (Interac Corp.)
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Core services
| style="padding:4px 6px; vertical-align:top; overflow-wrap:anywhere;" | '''Interac Debit''' (POS/ABM) • '''Interac e-Transfer''' (A2A) • Tokenization for mobile wallets • Fraud & risk tools
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Acceptance
| style="padding:4px 6px; vertical-align:top;" | Most Canadian merchants, ABMs, and online gateways (via supported methods); mobile wallets supported at enabled terminals
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Settlement rails
| style="padding:4px 6px; vertical-align:top;" | Interbank clearing/settlement occurs over [[Payments Canada]] systems (e.g., '''ACSS''' for retail batches; other mechanisms for near-real-time)
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Security
| style="padding:4px 6px; vertical-align:top;" | EMV chip & PIN; NFC/contactless with dynamic data; network tokenization; risk scoring; real-time controls; dispute rules
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! style="text-align:left; width:44%; padding:4px 6px; vertical-align:top;" | Official site
| style="padding:4px 6px; vertical-align:top; overflow-wrap:anywhere;" | interac.ca
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== What Interac does ==
Interac provides the brand, network specifications, risk/fraud controls, dispute rules, certification programs, and tokenization services that allow participating financial institutions (FIs) and payment processors to offer:
* '''Interac Debit''' — card-present purchases, cash-back at merchants (where offered), and ABM withdrawals nationwide.  
* '''Interac e-Transfer''' — digital money movement between Canadian bank/credit union accounts using recipients’ email addresses, mobile numbers, or account identifiers; features include Auto-deposit, Request Money, bulk/business features, and biller integrations.  
* '''Mobile & tokenized payments''' — digital debit credentials provisioned into mobile wallets (e.g., OEM wallets) or merchant apps using network tokens instead of PANs.  
* '''Online & in-app debit''' — select gateways support debit checkout via tokenized cards or bank-account rails (availability varies by FI/processor).

== Interac Debit ==
; How it works
Card-present transactions flow from the merchant terminal through a processor to the cardholder’s FI over Interac’s network. Chips generate dynamic cryptograms; PIN entry authenticates the cardholder (contactless uses tap-to-pay limits with risk rules). Most transactions clear in retail batches with end-of-day settlement through [[Payments Canada]]’s '''ACSS'''; some flows use near-real-time processing for approvals and risk checks.

; Features
* EMV chip & PIN; NFC/contactless (“tap”) with online risk controls and cumulative limits  
* Cash back at POS (optional), ABM withdrawals, refunds, and reversals  
* Low, regulated-by-market interchange structure (merchant costs are typically cents, not percent)  
* Tokenized debit for mobile wallets and wearables at supported terminals

; Acceptance and cross-border
Interac is a domestic network. For use outside Canada, many debit cards are co-badged or linked with partner networks (arrangements vary by issuer—e.g., global ATM networks or secondary brands on the card).

== Interac e-Transfer ==
; Overview
Interac e-Transfer moves money between participating Canadian FIs, typically within minutes, by instructing the recipient’s FI to credit the account once the recipient is identified (via Auto-deposit or link). Message notifications are usually sent by email/SMS; the data channel is separate from the underlying settlement between FIs.

; Key features
* '''Auto-deposit:''' funds route directly to the recipient’s account without answering a security question.  
* '''Request Money:''' send a payment request that the payer can approve in their banking app.  
* '''e-Transfer for Business / bulk:''' higher limits, richer remittance data, and accounting integrations (availability by FI).  
* '''Limits & fees:''' transfer limits, fees, and holds are set by each participating FI.

; Security & fraud
Funds move FI-to-FI; authentication happens inside online/mobile banking. Risks include email/SMS interception and social-engineering scams. Best practices: enable Auto-deposit, verify requestors, use strong sign-in security, and keep contact info current. Interac and FIs deploy real-time analytics, holds, and reversals where applicable, subject to network and FI rules.

== Tokens, mobile wallets, and online debit ==
Interac issues network tokens that replace primary account numbers in mobile wallets and select online experiences. Tokens can be life-cycled (suspended, replenished, deleted) without re-issuing the physical card. Contactless debit supports device biometrics (e.g., fingerprint/face) plus transaction risk controls at the terminal and issuer.

== Governance and organization ==
Interac Corp. was formed by combining the former Interac Association and Acxsys Corporation. It operates as a bank-owned network with independent directors and public-interest obligations in its governance framework. Interac sets brand and participation rules, certifies processors and devices, and coordinates incident response and fraud-mitigation programs across participants.

== Relationship to Payments Canada and the Bank of Canada ==
Interac provides the consumer-facing network and brand. Interbank clearing and settlement of underlying payments occur over [[Payments Canada]] systems (e.g., '''ACSS''' for retail batches) with risk oversight by the [[Bank of Canada]] for designated systems. Interac e-Transfer and debit services are designed to align with national rules, ISO-based messaging, and evolving Canadian payments modernization.

== Pricing and disputes (high level) ==
* '''Merchant pricing:''' Debit interchange in Canada is typically low/flat compared with percentage-based credit interchange; acquirer/processor fees vary by contract.  
* '''Consumer fees:''' Many FIs package domestic debit at no per-purchase fee; e-Transfer fees/limits vary by account type.  
* '''Chargebacks & disputes:''' Interac defines dispute categories and timelines; rights differ from credit-card chargebacks (e.g., lower fraud liability for chip-and-PIN with proper cardholder verification).

== History (brief timeline) ==
* '''1984–1986:''' Major banks and credit-union centrals launch shared ABM and debit networks under the Interac Association.  
* '''1990s:''' Rapid POS debit expansion; chip migration planning.  
* '''Early 2000s:''' Online debit pilots; Interac e-Transfer service emerges from partnerships and is expanded through Acxsys.  
* '''2010s:''' Nation-wide EMV chip adoption; contactless (“Flash”) and mobile tokenization; Auto-deposit and Request Money rollouts.  
* '''2018–present:''' Corporate consolidation as Interac Corp.; continued e-Transfer growth, richer data options for business, and enhanced risk/fraud controls.

== Security, privacy, and accessibility ==
Interac and participants follow EMV, PCI-DSS (where applicable), and Canadian privacy law. Accessibility efforts focus on terminal ergonomics, tactile cues, audio prompts, and inclusive mobile experiences.

== See also ==
* [[Payments Canada]] • [[Bank of Canada]] • [[Canadian dollar]]  
* [[Statistics Canada]] (payments data & trends) • [[Royal Canadian Mint]]  
* [[Debit card]] • [[Mobile payment]] • [[Financial consumer protection in Canada]] (if created)

== External links (official) ==
* Interac — Home & products: https://www.interac.ca/  
* Interac — e-Transfer (features & security): https://www.interac.ca/en/consumers/e-transfer/  
* Interac — Debit & mobile payments: https://www.interac.ca/en/business-landing/debit/  
* Interac — Fraud education & safety: https://www.interac.ca/en/security/
[[Category:Payments in Canada]]
[[Category:Banking in Canada]]
[[Category:Financial services companies of Canada]]
[[Category:Economy of Canada]]