What is Interac online payment?

02 Jun 2023

Interac Online payment is a secure and convenient online payment method available to customers in Canada. It allows customers to use the Interac network to make purchases or payments straight from their bank accounts. Interac Online is widely accepted by e-commerce merchants, allowing customers to shop online and complete transactions seamlessly.

Customers must have a Canadian bank account with a participating financial institution in order to use Interac Online. Customers choose the Interac Online payment method and their bank from a list of available options during checkout on a merchant’s website. They are then sent to their bank’s online banking portal to complete the transaction.

The authorization process involves logging in to the online banking system using bank-provided credentials. Once logged in, customers review the payment details and confirm the transaction. The funds are immediately transferred from the customer’s bank account to the merchant’s account, completing the payment.

Interac Online payments offer several advantages. Firstly, they provide a high level of security as the transactions are conducted through the customer’s trusted banking platform. Secondly, it eliminates the need to disclose sensitive financial information, such as credit card details, to the merchant, enhancing privacy and reducing the risk of data breaches.

Moreover, Interac Online is widely accepted across various e-commerce websites in Canada, making it a convenient payment option for Canadian consumers. It is important to note that Interac Online is distinct from Interac e-Transfer, which is used for person-to-person payments rather than online purchases.

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