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Welcome to the News View for "Interac".

Here, on these archive pages, you'll find all of the articles on Payments News for Interac listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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October 26, 2015

Headline News from - October 26, 2015

On the Web

On the Wires

  • Visa Brings Token Security to eCommerce - "Visa today announced that it has integrated token technology into Visa Checkout, the company’s online check out service used by merchants and consumers globally to make safe, easy payments in just a few clicks."
  • U.S. Banks Unite to Form Industry Leading Secure Real-Time Payments Network - In a joint prepared statement, the CEOs of Bank of America, BB&T, Capital One, JPMorgan Chase, U.S. Bank, and Wells Fargo said, “Our customers want the ability to make payments to anyone, in real-time, making funds instantly available in the recipient’s bank account. To achieve this, we are combining our collective, bank-owned digital payments network (clearXchange) with our fraud, risk and authentication assets (Early Warning), to further ensure that our customers can send money, confidently, securely, and in real-time via their financial institutions.”
  • The Clearing House Drives Closer to Standing-Up New Innovative National Real-Time Payment System - "The Clearing House (TCH) announced it has entered into a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the United States."
  • MasterCard Launches New Program That Can Turn Any Consumer Gadget, Accessory or Wearable into a Payment Device - “As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all of their devices to work seamlessly together,” said Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. “This program eliminates the boundaries of how we pay by delivering a secure digital payment experience to virtually anything – rings, fitness and smart bands, car key fobs, apparel, and whatever comes along next.”
  • Western Union Introduces WU Connect Platform, Expanding Cross-Border Money Transfer via Mobile and Social Media - David Thompson, EVP, Global Operations and Technology and CTO, Western Union, expressed excitement about the potential impact of this new offering saying, "This puts Western Union in a position to extend its digital platform to networks whose users are looking for more convenient ways to send and receive money globally on a platform of their choice."
  • Sequent Launches Token Service Platform Supporting all Card Types and Networks - "Compatible with all major credit and debit card networks, Sequent Token Service Platform allows banks to deploy a single solution to support their entire credit and debit card portfolio plus profitable private label and prepaid cards."
  • E*TRADE Resets Mobile Bar with Apple Pay - "E*TRADE Financial Corporation today announced the release of Apple Pay functionality for E*TRADE debit card holders."
  • Scotiabank First Canadian Bank to Launch Bulk Interac e-Transfer® Service - "Scotiabank is pleased to be the first Canadian Bank to offer this innovative new service to meet the needs of our business banking customers," said Rania Llewellyn, Senior Vice President, Cash Management and Payment Services at Scotiabank. "We are always looking for new ways to make everyday business transactions fast, easy and secure for our customers, and with the Bulk Interac e-Transfer service, our business banking customers have more choices to send electronic payments efficiently."
  • TSYS and Ingenico Group to Offer New Semi-Integrated EMV Solution - "Using a semi-integrated approach, communications between the PIN pad and point-of-sale (POS) system are limited to non-sensitive exchanges, preventing card data from entering the POS. By taking the POS out of the payment flow process, not only are EMV certification and PCI compliance simplified, but overall costs and time required for EMV implementation are reduced as well."
  • Mozido Expands Digital Payments Offering: Launches U.S. - China Cross-Border Payment Gateway - "The Mozido PayEase Payment Gateway service enables Chinese consumers to securely pay with their local bank accounts and credit cards with reliable settlement of the funds to the U.S. merchant’s bank account. As the first and most trusted cross-border payment gateway in China, Mozido PayEase breaks down barriers by allowing Chinese citizens to pay in their local currency while allowing the merchant to be paid in their home currency through a seamless transaction."
  • Dream Payments Launches Canada's First Off-The-Shelf EMV Payment Terminal That Accepts Interac Debit Card Payments - "The Dream solution consists of an MPOS application for iOS® and Android™ based smartphones and a Bluetooth® enabled EMV Debit and Credit Card Reader. The Dream card reader is available through TELUS at an introductory price of $99.99. Payment processing fees are low cost; $0.25 for Interac Debit card transactions and 2.75% for Visa® and MasterCard® credit card transactions."
  • Penny Inc Launches at Money20/20 with Prepaid MasterCard® Card and Integrated Mobile App Solution
  • - "Penny Inc, which provides payments and expense and travel management solutions for small to medium-sized businesses, today announced the launch of the Penny Inc prepaid MasterCard® card program (“Penny”) virtually connected to a mobile app."
  • INTECH to Provide Prairie Cloudware Platform to Credit Union Clients - "INTECH will white label the Prairie Cloudware technology allowing credit unions to offer members a mobile wallet that carries the institution’s brand. The initial deployment of the Digital Payments Guardian for INTECH will offer an Android mobile wallet with a Visa card. The solution can be extended to include additional payment cards and sources as well."

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Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here:!

May 10, 2013

Chart of the Week - Canadian Interac Debit Card Fraud Losses (2006-2012)

Last week, we looked at the history of card fraud losses in the UK from 2001 through 2011. This week, we're taking a look at the history of counterfeit card fraud in Canada on Interac cards - Canada's national debit card scheme - based on skimming.

Interac reports that these losses decreased to $38.5 million in 2012 - representing just 0.012 percent of domestic Interac card volume) from a high of $142 million in 2009. Interac also reports that the number of cardholders affected by this form of card fraud fell to 93,800 in 2012 from 238,000 in 2009.

Over the last few years, Canada completed a migration chip card technology - with essentially all cards now equipped with chip and nearly 90 percent of POS terminals upgraded to support chip.

Canada Interac Debit Card Fraud 2006 2012

August 15, 2012

June 17, 2010

Interac Launches Flash - Adding Contactless to Canadian Debit Cards

InteracInterac Association has announced it has "successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services’ point-of-sale terminals. The new contactless enhancement of Interac® Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card." READ MORE »

April 16, 2010

Canada: Interac Welcomes New Code of Conduct

In a press release, the Interac Association says it "welcomes the final Code of Conduct for Debit and Credit Payments in Canada released today by federal Finance Minister Jim Flaherty. After a comprehensive consultation period with stakeholders, the Minister has developed meaningful and practical solutions that will effectively address significant concerns that have been raised by merchants and consumers about changes taking place in Canada’s debit marketplace." READ MORE »

November 09, 2009

INTERAC Celebrates 25 Years of PIN-Debit in Canada

INTERAC has announced that it is marking "25 years of providing Canadians secure access to their money from coast to coast to coast. On November 9, 1984, a single national PIN-based network was born out of a vision to connect Canadians to their money anywhere, anytime. INTERAC's growth and evolution took off from that point and today, both consumer awareness and usage levels are almost unmatched worldwide." READ MORE »

October 27, 2009

A Look at Canada's Debit Card Market

In an article titled "Credit card giants create debit havoc", Dana Flavelle and Rita Trichur write for the Toronto Star about small merchant reactions to the introduction of Visa and MasterCard debit products into Canada.

September 28, 2009

INTERAC, China Unionpay Collaborate for Canadian ATM Access

INTERAC, Canada’s national debit network, and China Unionpay, China’s national bank card payment network, have announced the launch of a new service that will give China Unionpay cardholders traveling in Canada the ability to withdraw cash from ATMs of participating acquirers in Canada. READ MORE »

July 15, 2009

Canada's INTERAC Partners with INSIDE for Contactless Debit Cards

Interac_logo-140px.jpgCanada's Interac Association has announced a partnership with INSIDE Contactless, the world leader in open-standard contactless chip technologies to develop chips containing the specifications for INTERAC’s contactless payment service. According to the companies, this partnership will enable Interac Association and its members to offer their debit card users a “next generation” retail payments solution. READ MORE »

April 07, 2009

A Glimpse into the Interchange Fee Debate in Canada

In an article titled "Credit card companies should stay out of the debit card market", Craig McInnes writes for the Vancouver Sun about the costs to merchants of payment card acceptance. He discusses both the costs of rewards cards to merchants as well as a concern that replacing Interac debit cards would also increase costs to merchants. According to McInnes, "that would drive up the price of everything we buy."

September 08, 2008

Canada's Interac Exploring Changing to For Profit Company

In an article titled "Interac seeks shift to for-profit status", Tara Perkins reports for the Globe and Mail that the company is in discussions "with the Competition Bureau about a restructuring that would likely allow it to make a profit." Interac, under a 1996 agreement with the Competition Bureau, is currently run as a not-for-profit company.

April 15, 2008

Preliminary Chip and PIN Results from Canada

Members of the payment card industry in Canada - Interac Association, MasterCard Canada, Visa Canada and many of their respective card issuers and payment processors - have reported positive preliminary results from an industry trial of chip technology in Kitchener-Waterloo, Ontario. READ MORE »

March 14, 2008

Debit Card Fraud in Canada and the Migration to Chip Cards

In an article titled 'Soaring rates of debit fraud prompt switch to smart cards' in today's Globe and Mail, Timothy Appleby writes about fraud on Interac debit cards and the planned migration to chip cards in Canada.

September 16, 2007

First Canadian Interac Chip Card Transaction

Last week Canada's Interac Association announced "the completion of Canada's first INTERAC debit card transaction at the point-of-sale terminal using chip technology. The transaction was processed today by TD Merchant Services using a BMO Bank of Montreal chip debit card at Mercato Giovanni's Fresh Food located in downtown Toronto. The chip debit card transaction was conducted in preparation for the Kitchener-Waterloo, Ontario market trial of chip technology which will begin in fall 2007."


February 12, 2007

Interac, Acxsys Announce Mark P. O'Connell as New President and CEO

The Interac Association and Acxsys Corporation have announced the appointment of Mark P. O'Connell as President and CEO, effective February 7, 2007, saying he will focus on innovation in payment services and advancing Acxsys Corporation's and Interac Association's leadership in the industry. Most recently he was Executive Vice President, Finance Market at Emergis Inc., and for the past two years, he was Emergis Inc.'s appointee to the Interac Association Board of Directors.


December 14, 2006

Canada: Debit Card Fraud At Gas Stations Declines By 60 Per Cent

The Interac Association has announced that debit card fraud at gas stations across Canada has declined by more than 60 per cent over the past year. According to Interac, "the deep decline, representing about $15 million in avoided fraud losses, was largely the result of Project Protect, a joint education initiative spearheaded by Interac Association and law enforcement with support from Payment Card Partners and other industry partners."


December 04, 2006

Canadian Chip Technology Trial Scheduled For Autumn 2007

Members of the Canadian payment card industry -- Interac Association, MasterCard Canada Inc., Visa Canada Association, and many of their respective card issuers and processors -- have announced their commitment to conduct a chip technology trial in Kitchener-Waterloo, Ontario. The trial will allow participants to test the infrastructure and ensure interoperability of systems and devices in a controlled manner prior to each participant's national roll-out plan.


October 23, 2006

A Look At Interac Online - "Credit Push" In Canada

Glenbrook's Carol Coye Benson files this report: I spoke on Friday with Barry Campbell, Director of Business Development for Acxsys Corporation and Interac Online, Canada's "credit push" online payment system.


October 19, 2006

Survey Shows Canadians Not Shielding Their Debit Card PIN Regularly

According to a survey commissioned by the Canadian Interac Association, and conducted by The Strategic Counsel, 92 per cent of Canadians recognize the importance of shielding their PIN at a bank machine or a debit card terminal. However, 60 per cent do not always shield their PIN if they believe nobody can see them entering it, and 37 per cent do not always shield their PIN even if they believe somebody can see them entering it.


March 13, 2006

Canada Commits To Complete Chip Migration By 2010

Members of the Canadian payment card industry -- Interac Association, MasterCard Canada Inc., Visa Canada Association, and many of their respective card issuers and acquirers -- have announced a firm commitment to a broad industry migration to chip technology beginning with deployments next year and migration completion scheduled for 2010.


November 30, 2005

Canada: Whatever Happened To Interac Online, Anyway?

Interac OnlineD.L. McCracken reports for on the surprising lack of interest among Canadian online merchants in supporting the Interac Online debit payment service.

According to McCracken, "apparently most online merchants have decided that adding a debit payment option is just not high on their list of priorities." The service announced that its first transaction was processed in June.


July 22, 2005

Canada Loves its INTERAC Debit Cards

Garth Buchholz writes for on Canada's INTERAC PIN-based debit card system.


June 07, 2005

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.

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