Interac

A Canadian interbank payment network whose e-Transfer and online services let customers pay directly from a bank account without sharing card details.

Definition

Interac is Canada's domestic debit and interbank transfer network. For online payments its most common forms are Interac Online (a bank-authenticated web payment) and Interac e-Transfer (a push payment addressed to an email or mobile number, cleared between participating banks). Because funds move straight from the customer's account and are authenticated in the bank's own environment, Interac payments are hard to reverse and carry no card chargeback, which makes them attractive to merchants in Canada. Availability depends on the customer's bank participating and on the operator's payment provider supporting the rail.

Worked example

A Canadian customer selects Interac at checkout, logs into their own bank to approve the transfer, and the deposit clears without a card ever being entered.

Why it matters

For learners, Interac shows how bank-to-bank rails differ from cards in reversibility and cost. For professionals operating in Canada, Interac coverage is often essential to local acceptance and to reducing chargeback exposure.

Related

Note: Interac is specific to Canada; exact product names and bank participation vary over time.