How Interac has helped make life more seamless for Canadians over the last 40 years
Innovating for a more prosperous economy
The story of Interac
Since 1984, Interac has played an important role in bringing digital innovation into Canada’s commerce — and Canadians’ lives. We’ve helped make it possible to withdraw cash anywhere in the country, send money in an instant, pay with your bank account through the tap of a phone, and digitally verify your identity easily and securely while accessing online services.
- Sort:
1969
The birth of automation
For most of banking history, if you wanted to deposit a paycheque or withdraw money, you had to line up at bank between the late morning and mid-afternoon. Automated banking machines (ABMs) were a game changer in convenience. The first ABMs were lockboxes users accessed with a key but were soon replaced by digital systems with keypads and access codes.
1984
A revolution in banking
Today it seems obvious that you should be able to withdraw money out of any ABM in Canada, regardless of where you bank. But that started with Interac. In 1984 Canada’s major financial institutions came together to figure out how they could provide shared cash dispensing to their customers. The result was Interac and Canada’s first electronic payment network.
1994
Direct payments with Interac Debit
Debit cards were originally issued by banks so that their customers could withdraw money from their ABMs. In 1990 Interac launched a new pilot called Interac Direct Payments. Using the Interac network, this allowed Canadians to make purchases using the money in their bank account at point-of-sale. Few could have predicted that by the end of the 1990s Canadians would be highest users of debit cards in the world.
2003
Moving into electronic payments
One of the first products Acxsys Corporation developed and offered was a solution for peer-to-peer money movement. Based on the same principles of access and convenience as Interac® Debit, we introduced Interac e-Transfer®. Interac e-Transfer helped make Canada an important player in electronic money transfers well before the widespread adoption of other peer-to-peer methods.
2004
Interac Debit Cross-Border
Canadians travelling to the U.S. could finally enjoy cross-border spending with the convenience of Interac Debit. Thanks to our collaboration with NYCE terminals, approximately 2 million U.S. retailers now accept Interac Debit at checkout.
2007
Stepping into online commerce
As e-commerce adoption grew, we wanted to give Canadians the same ability to pay with their own money online as in-store. This led to the launch of Interac Online, a way to pay online using your debit card.
2008
The power of the chip
Ushering in the move from swiping your debit card, the EMVCo, LLC Chip was a big leap in Interac Debit technology, making it even safer to pay with your own money.
2010
Payments in a flash
To make payments quicker and more convenient we introduced Interac Flash. Now referred to as Interac Debit contactless payments, it was a way to pay with just a tap. By the next year we would roll out Interac Flash to thousands of retail, QSR and other storefronts across Canada.
2014
2018
Payments on your phone
Following on the heels of Interac Flash we were quick to move to mobile by making Interac available on smartphones. Using near-field-communication, Canadians could load their debit card into their favourite mobile wallet (and leave their physical wallets at home).
2018
The power of one Interac.
More than 20 years after Interac was divided into two organizations, it was reunited again as Interac Corp. A governance structure was created to give the new Interac Corp. the ability to quickly anticipate changes in how Canadians want to access and exchange value — whether money, identity, or data.
2019
Building digital access and verification capabilities
In the first Digital ID acquisition, Interac acquired 2Keys, a leader in creating secure experiences for Canadian governments, financial institutions, and businesses. This will help us launch new services to help Canadians simply and securely verify their identity.
2021
Adding new digital access and verification services.
Complementing the capabilities provided by 2Keys, in 2021 we acquired the exclusive rights to SecureKey Technologies’ digital ID services in Canada. In addition to payment products this now added the Verified.Me suite of digital identity solutions, to the Interac product portfolio.
2021
Building the new payment rails
A big step in modernizing our payment system, this new network will enable fast, data-rich account-to-account transactions — which in turn will help lead to faster, easier, more convenient transactions. We believe that when Canadians and businesses can pay and get paid instantly, cash flow will improve, operations will become more efficient, and customer interactions will be more seamless.
2021
Interac e-Transfer for Business
Interac empowered businesses with an easy-to-use payment solution that streamlines the business’ payment processes including paying multiple employees or vendors at once, offering higher transaction limits, and rich remittance data that can ultimately help businesses cut down on paperwork.
2023
Interac Verified™
Interac introduced Interac Verified, the official name for our verification business arm, recognizing our foray beyond payments and our mission to help Canadians securely engage in digital transactions. This suite of solutions included Interac verification service, Interac document verification service, and Interac sign-in service.
2023
Interac announces Jeremy Wilmot as CEO
Jeremy Wilmot was announced as the company’s new President and Chief Executive Officer and Director of the Board, joining August 1, 2023.
The years ahead
The Canadian economy is poised to leap forward and become a world leader in creating digital prosperity — and it’s our goal at Interac to play a pivotal role in that transformation, by continuing to develop secure, resilient infrastructure in payments and digital verification that helps drives the Canadian economy forward.
1969
The birth of automation
For most of banking history, if you wanted to deposit a paycheque or withdraw money, you had to line up at bank between the late morning and mid-afternoon. Automated banking machines (ABMs) were a game changer in convenience. The first ABMs were lockboxes users accessed with a key but were soon replaced by digital systems with keypads and access codes.
1984
A revolution in banking
Today it seems obvious that you should be able to withdraw money out of any ABM in Canada, regardless of where you bank. But that started with Interac. In 1984 Canada’s major financial institutions came together to figure out how they could provide shared cash dispensing to their customers. The result was Interac and Canada’s first electronic payment network.
1994
Direct payments with Interac Debit
Debit cards were originally issued by banks so that their customers could withdraw money from their ABMs. In 1990 Interac launched a new pilot called Interac Direct Payments. Using the Interac network, this allowed Canadians to make purchases using the money in their bank account at point-of-sale. Few could have predicted that by the end of the 1990s Canadians would be highest users of debit cards in the world.
2003
Moving into electronic payments
One of the first products Acxsys Corporation developed and offered was a solution for peer-to-peer money movement. Based on the same principles of access and convenience as Interac® Debit, we introduced Interac e-Transfer®. Interac e-Transfer helped make Canada an important player in electronic money transfers well before the widespread adoption of other peer-to-peer methods.
2004
Interac Debit Cross-Border
Canadians travelling to the U.S. could finally enjoy cross-border spending with the convenience of Interac Debit. Thanks to our collaboration with NYCE terminals, approximately 2 million U.S. retailers now accept Interac Debit at checkout.
2007
Stepping into online commerce
As e-commerce adoption grew, we wanted to give Canadians the same ability to pay with their own money online as in-store. This led to the launch of Interac Online, a way to pay online using your debit card.
2008
The power of the chip
Ushering in the move from swiping your debit card, the EMVCo, LLC Chip was a big leap in Interac Debit technology, making it even safer to pay with your own money.
2010
Payments in a flash
To make payments quicker and more convenient we introduced Interac Flash. Now referred to as Interac Debit contactless payments, it was a way to pay with just a tap. By the next year we would roll out Interac Flash to thousands of retail, QSR and other storefronts across Canada.
Our new corporate structure will allow us to better invest in our innovation pipeline and potential, while continuing to provide the essential payment services that millions of Canadians, thousands of businesses and hundreds of financial institutions rely on every day.
Mark O’Connell, Former President and CEO of Interac Corp. (2007-2023)
2014
2018
2018
Payments on your phone
Following on the heels of Interac Flash we were quick to move to mobile by making Interac available on smartphones. Using near-field-communication, Canadians could load their debit card into their favourite mobile wallet (and leave their physical wallets at home).
2018
The power of one Interac.
More than 20 years after Interac was divided into two organizations, it was reunited again as Interac Corp. A governance structure was created to give the new Interac Corp. the ability to quickly anticipate changes in how Canadians want to access and exchange value — whether money, identity, or data.
2019
Building digital access and verification capabilities
In the first Digital ID acquisition, Interac acquired 2Keys, a leader in creating secure experiences for Canadian governments, financial institutions, and businesses. This will help us launch new services to help Canadians simply and securely verify their identity.
2021
Adding new digital access and verification services.
Complementing the capabilities provided by 2Keys, in 2021 we acquired the exclusive rights to SecureKey Technologies’ digital ID services in Canada. In addition to payment products this now added the Verified.Me suite of digital identity solutions, to the Interac product portfolio.
2021
Building the new payment rails
A big step in modernizing our payment system, this new network will enable fast, data-rich account-to-account transactions — which in turn will help lead to faster, easier, more convenient transactions. We believe that when Canadians and businesses can pay and get paid instantly, cash flow will improve, operations will become more efficient, and customer interactions will be more seamless.
2021
Interac e-Transfer for Business
Interac empowered businesses with an easy-to-use payment solution that streamlines the business’ payment processes including paying multiple employees or vendors at once, offering higher transaction limits, and rich remittance data that can ultimately help businesses cut down on paperwork.
2023
Interac Verified™
Interac introduced Interac Verified, the official name for our verification business arm, recognizing our foray beyond payments and our mission to help Canadians securely engage in digital transactions. This suite of solutions included Interac verification service, Interac document verification service, and Interac sign-in service.
We have a new three-year strategy for 2025 to 2027, with this promise as our guiding North Star: Interac will lead Canadians to digital prosperity.
Jeremy Wilmot, President and CEO of Interac Corp.
2023
Interac announces Jeremy Wilmot as CEO
Jeremy Wilmot was announced as the company’s new President and Chief Executive Officer and Director of the Board, joining August 1, 2023.
The years ahead
The Canadian economy is poised to leap forward and become a world leader in creating digital prosperity — and it’s our goal at Interac to play a pivotal role in that transformation, by continuing to develop secure, resilient infrastructure in payments and digital verification that helps drives the Canadian economy forward.
Let’s go faster forward together.
As we mark our 40th anniversary, explore the possibilities of the exciting digital future Interac is helping to build.