Interac evolved beyond debit cards, GlobalData report finds
Canada’s national payment scheme Interac, which facilitates electronic financial transactions between financial institutions and other enterprises, has evolved its product proposition beyond debit cards in light of the fast-changing electronic payments landscape, says GlobalData.
GlobalData’s report, ‘Payments Landscape in Canada: Opportunities and Risks to 2022’, states that while credit cards dominate Canada’s well developed payment cards market in terms of total spending, debit cards are more frequently used for card payments, reflecting their growing use for low-value cash payments.
With 29.9 million debit cards in circulation in 2018, Interac dominates the Canadian debit card market. These cards are also co-badged with international schemes, including Visa and Mastercard to ensure global acceptance.
Interac has branched out beyond debit cards, with services being offered across the entire payment value chain. These include Interac e-Transfer (fund transfers), Interac Online (online payments) and Interac Flash (contactless payments).