Interac

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History

Interac has emerged as a prominent payment solution in the iGaming sector by offering secure and efficient transaction methods for casino operators for decades.

Founded in 1984, Interac started out as a national debit card system in Canada. As the market evolved, the company expanded its services, launching Interac e-Transfer and Interac Online to address the changing requirements of consumers and businesses, including those in the iGaming industry.

Interac logo
In 1994, the company launched a new pilot called Interac Direct Payments, or Interac Debit, which allowed Canadians to buy goods and services using the money in their bank account at point-of-sale terminals. In 2003, the company ventured into the world of electronic payments and introduced Interac e-Transfer, a peer-to-peer electronic money transfer service based on the same principles as Interac debit.

A pivotal milestone in Interac’s history was the 2018 merger of the Interac Association and Acxsys Corporation. This consolidation strengthened Interac’s position as a leading payment provider, furthering its commitment to innovation and security.

The Canadian Code of Practice for Consumer Debit Card Services governs Interac’s operations, with oversight from the Financial Consumer Agency of Canada (FCAC). This regulatory structure ensures Interac’s adherence to rigorous security measures and consumer protection standards.

Interac Updates

  • 2018 — Interac moves to mobile payments following Interac Flash, a system that allows Canadians to use near-field-communication (NFC) technology to load their debit cards into mobile wallets.
  • 2019 — Interac acquired 2Keys, its first Digital ID acquisition that paves the way for new services to verify Canadian identities securely.
  • 2021 — The company launches Interac e-Transfer for Business, a platform with features like multiple payments, higher transaction limits, and rich remittance data.
  • 2023 — Introduces «Interac Verified,» the official name for its verification business.
  • 2023 — Jeremy Wilmot was announced as the new President and CEO of Interac Corp.

Pros and Cons

Interac is the go-to option for many Canadian casino players for a number of reasons, starting with the method’s security and low fees. However, there are some notable downsides to using Interac that we need to cover.

Pros

  • Instant deposits
  • Accepted by over 250 Canadian financial institutions
  • Low fees
  • Canadian dollars allowed
  • Multiple payment solutions

Cons

  • Bank-related fees
  • Service only available to Canadian bank account holders

How to Use Interac in Online Casinos

Thanks to the marquee position Interac occupies on the Canadian iGaming market, most players are probably already familiar with its use. For those who are not, here’s a quick rundown:
  1. Go to the Cashier section of the casino you wish to play at.
  2. Choose Interac e-Transfer from the list of deposit methods.
  3. Input the amount you wish to deposit.
  4. When prompted, click on the logo of your bank or financial institution.
  5. Copy the automatically generated recipient’s email address and answer the security question.
  6. Log in to your banking application and click on Interac e-Transfer.
  7. Insert the details of your transaction.
  8. Verify the payment.
The cashouts work in a similar way. The only notable difference is that you’ll log in to your online banking account and confirm the payment once you receive an email notification from Interac.

Regions

The biggest disadvantage to using Interac is that it’s only available in Canada. On the other hand, over 250 Canadian banks and institutions support payments via Interac, which makes it a crucial payment gateway for those operators looking to target Canada.

Payment Methods

Interac has a wide range of products, including Interac Debit and Interac e-Transfer. The former option is directed towards retailers, allowing them to process payments through POS terminals. However, the latter is widely used by online casinos, as it provides players with an opportunity to transfer funds directly from their bank accounts.

Currencies

As a Canadian payment method, Interac only processes payments in Canadian dollars (CAD)

Main Benefits

Interac is a go-to online banking option for Canadians who gamble online due to its many benefits:

Works with most Canadian banks

— Interac is available in more than 250 banks and financial institutions across Canada.

International money transfers

In collaboration with Mastercard® and Western Union®, Interac enables international money transfers directly from Canadian accounts.

Interac debit card

— Interac issues its own debit card via Mastercard, which allows customers to use it even on those platforms where Interac is not supported.

Debit card on mobile

— Paying with Interac Debit via mobile wallets like Apple Pay, Google Pay, and Samsung Pay.

Secure transactions

— Interac Debit transactions are covered by the Interac Zero Liability Policy, ensuring high security and peace of mind for players.

Player Experience

Through Interac, players can make deposits directly through their local bank accounts without having to share sensitive info with operators since everything is done through Interac’s secure payment gateway. Canadian online casinos widely accept it, so there’s a great choice of platforms.

With Interac® Debit, players can also get access to those sites that don’t support Interac e-Transfers.

The whole procedure takes only a couple of steps to complete, provided users have already verified their accounts with the online casinos.

Customer Support

Interac consumers should first refer to the payment provider’s detailed FAQ section to find out more about how the method works. If that doesn’t help, the customer support agents at Interac will. You can send an email to info@interac.ca and receive a timely response.

Minimum Deposit and Withdrawals

The minimum transfer limit for an Interac e-Transfer is $0.01 but is subject to your bank’s own limits and that of the gambling platform in question.

Security

When users send money via Interac e-Transfer, they are protected by several layers of security, including encryption technology, a secure login process, confidential user IDs and passwords, and security questions. The banks that handle the transactions use authentication and transaction encryption methods to protect sensitive information, making the entire process perfectly safe.

Licenses

Interac e-Transfer is an inter-banking system in Canada. As such, it is compliant with the financial laws and regulations of that country.

FAQ

How does Interac ensure secure transactions for online casino operators?

Interac utilises robust security measures, such as encryption and transaction monitoring, to safeguard users’ financial information and minimise the risk of fraud, thus providing a secure environment for online casino operators.

Can Interac be used for both deposits and withdrawals in online casinos?

Yes, Interac is commonly used for both deposits and withdrawals in online casinos. However, specific transaction options may vary depending on individual casino policies and regional availability.

Are there any transaction limits when using Interac in online casinos?

Transaction limits depend on the online casino’s policies and the user’s bank. It is essential to review both the casino’s terms and conditions and the user’s banking institution’s guidelines for information on transaction limits.

Is Interac widely accepted in the iGaming industry?

While Interac is a popular payment solution in Canada, its acceptance varies across different jurisdictions and online casinos. Players should verify whether their preferred online casino supports Interac transactions.

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