Canadians love their debit cards. In fact, according to Interac, a Payments Canada Stakeholder Advisory Council member and Canada’s debit card system provider, there were 126 Interac debit transactions for every Canadian in 2014. Interac links financial institutions and businesses in exchanging electronic payments and also operates Interac Flash (contactless payments), e-Transfers, online services and ABM services as well as the well-known direct payment service. Interac Association is a nonprofit that was founded in 1984 as a cooperative venture by RBC, CIBC, Scotiabank, TD, and Desjardins and operates under an order issued by the Government of Canada’s Competition Tribunal in 1996.
Members include issuers such as financial institutions that provide debit cards to their clients, acquirers who operate card-accepting devices, connection service providers and settlement agents like Canadian Payments.
In 2014, there were 4.9 billion Interact debit transactions, 540,000 merchant locations accepting the payment method and 65,992 Automated Banking Machines that can be accessed through the Interac network in Canada.