Canada's Interac Moves To ECommerce
Moneris Solutions has announced that it has processed the first Interac Online transaction in Canada. Interac Online is a new service that allows Canadians to pay for goods and services purchased on the Internet directly from their bank account.
The Interac association has a website describing Interac Online for both consumers and merchants -- including an online tour of how the service works."Debit is the most popular way for Canadians to pay for their purchases - with Interac Online we've given Moneris' online merchants access to the full potential of consumers' spending power," said Jim Baumgartner, president and CEO, Moneris. "Moneris merchants will be equipped to present the same payment options to their e-commerce customers as they do to their in-store customers, increasing the scope of their business."
When you select the Interac Online service as your payment method when making an online purchase, the merchant website will redirect your browser to an Interac web page where you will select your Financial Institution.As a result, the consumer does not provide any financial details, card numbers or login information to the online merchant. Instead, the consumer uses their existing web banking service with their usual User ID and password to complete the payment.Next, your browser will be redirected to your Financial Institution’s web banking website. After logging in and selecting the account you want to pay from, you will be prompted to confirm the payment.
You will then be redirected back to the merchant’s website for the confirmation page, and the merchant will proceed to fulfill your order.
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