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, PayPal, 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.
An Interac eTransfer is usually a payment that takes place between two individuals. It can also be sued to transfer from a consumer to a business. A variety of online casinos accept Interac eTransfers for their speed, securirty 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 send, the email or mobile number of the recipient, and a security question and answer. The recipient will get a message, to which they must respond with the amount of money being received and the answer to the security question. In this way, Interac eTransfers are incredibly secure and error free.