Canadian consumers will soon be able to use Interac Debit® for e-commerce purchases cross border and abroad
Interac Corp. (“Interac”) announced its work with international payment service provider Bambora to soon allow Canadians to use Interac Debit to pay for e-commerce purchases from merchants domestically and cross-border.
“Our work with Bambora will take Interac Debit for e-commerce across the border and extend its many advantages to international merchants serving Canadian customers online. This is another example of the way we at Interac are continually expanding payment choice and convenience for Canadian consumers and merchants,” said Nader Henin, Director, Digital Payments at Interac. “Canadians use Interac Debit more than any other payment card*, with over 5.7 billion transactions made in 2017, and now the service will soon be available for cross-border e-commerce purchases for the first time.”
Interac and Bambora’s work together will benefit the many small- and medium-sized businesses who already use Bambora by allowing them to take advantage of the wide debit base that Interac offers. Henin also notes that international merchants will benefit from the Interac Debit “good funds” model, in which payors’ funds are immediately deducted from their bank account, eliminating the risk of chargebacks. Additionally, international merchants will gain access to the Canadian Interac Debit network, while expanding their digital footprint in Canada all within the trusted security framework and fraud-prevention measures that Interac offers.
“Working with Interac is another example of how Bambora helps businesses accelerate growth and scale with simple and secure payment solutions.” said Tristan Kenning, Head of Product at Bambora within North America. “Reaching beyond the Canadian border will give international businesses new ways for Canadians to pay. For businesses using Interac Debit for e-commerce transactions will give them a wider customer base, eliminate chargebacks and lead to higher conversions.”
* Based on a 2016 research study conducted by DIG Insights and funded by Interac Corp.
See the press release here.