Through an effort with international payment service provider Bambora, Interac Corp. will soon allow Canadians to use Interac Debit to pay for eCommerce purchases from merchants domestically and cross-border, Interac said in an announcement.
“Our work with Bambora will take Interac Debit for eCommerce across the border and extend its many advantages to international merchants serving Canadian customers online,” Nader Henin, director, digital payments at Interac said in the announcement. “This is another example of the way we at Interac are continually expanding payment choice and convenience for Canadian consumers and merchants."
With the effort, Interac and Bambora’s work could help the many small- and medium-sized businesses that already use Bambora by enabling them to take advantage of Interac's debit base. In addition, Henin said that international merchants will benefit from the Interac Debit “good funds” model: The risk of chargebacks is eliminated through this structure, as payors' funds are immediately deducted from their bank accounts.
“Working with Interac is another example of how Bambora helps businesses accelerate growth and scale with simple and secure payment solutions,” Tristan Kenning, head of product at Bambora within North America, said in the announcement. “Reaching beyond the Canadian border will give international businesses new ways for Canadians to pay. For businesses, using Interac Debit for eCommerce transactions will give them a wider customer base, eliminate chargebacks and lead to higher conversions.”
In addition, international merchants will gain access to the Canadian Interac Debit network. As a result, they can grow their digital footprint in Canada while using Interac’s security framework and fraud prevention measures.
Today, Interac is chosen an average of 16 million times daily to pay and exchange money. The organization, along with its predecessors – Interac Association and Acxsys Corporation – have facilitated financial transactions for more than 30 years. And Bambora is a collection of companies with decades of experience in the payments industry.