Seven Canadian credit unions (CUs) have become the first in Canada to launch Interac Debit on Google Pay, Canadian Credit Union Association (CCUA) announced in a recent press release.
Customers can make payments using Android smartphones. The Interac Debit payment system links cards to both checking and savings accounts and has been used by Canadians for 20-plus years. The solution accounts for 56 percent of all card transactions in Canada.
Members of participating credit unions can make purchases from their accounts using the Interac Flash system, which enables Near-field communication (NFC).
“The Canadian credit union sector is continually working together and with partners to offer payment options that members want,” said CCUA President and CEO Martha Durdin.
“Whether it’s for the member who is driven by convenience, or is a tech enthusiast, Google Pay is a mobile payment option that allows all members to pay with the speed and security that they expect,” she said.
The seven CUs are Access, Affinity, Assiniboine, Innovation, Prospera, Servus and Steinbach. Cambrian CU will start offering Google Pay later this month and additional credit unions will be added in 2020, the CCUA said.
Some of the benefits of using Interac Debit on Google Pay include faster in-store checkout and quicker payments in apps and on the web. Customer information stays secure because Google Pay doesn't share card numbers.
CCUA was the first national, CU-governed organization in Canada. The trade association represents regional credit union organizations and caisses populaires (outside of Quebec) and advocates for a successful, competitive and growing CU industry.
In March, Canadian financial technology provider Central 1 started linking its credit union customers to a new solution designed to streamline accounts receivable for small businesses. The company said it is combining its small business online invoicing solution with its Request Money tool, rolling the solutions into its single digital platform that integrates the Interac e-Transfer Request Money solution.