A cooperative group of prominent Canadian financial institutions in 1996 started Interac. Theirs objective was to form a shared network that allowed for contactless money transfer. Together with Acxsys Corporation, the company (Interac Corp) offers debit payment systems.
Interac is an e-transfer platform for sending and receiving money for B2B, P2P, and B2P transactions. It is popular among Canadian consumers and businesses and is used for paying bills, online shopping, and esports betting. Interac allows users to access their money via a mobile banking platform of a participating financial institution from Canada. Nearly 300 banking institutions support Interac e-transfers.
To use Interac as a payment option for esports, you only need an email address or mobile phone number. You don't have to enter your bank account number when depositing money in an online bookie. Your detail remains secure because Interac offers a secure portal away from the merchant site (eSports betting site). The encryption features are synonymous with those of the issuing bank. Thanks to proprietary risk management and high-end authentication, Interac is among the world's most secure P2P payment solutions. It offers e-transfer with Autodeposit as well as the Interac debit card.