About
Interac Debit is Canada's domestic debit network. A payment takes money directly from the cardholder's bank or credit union account, by chip and PIN, a contactless tap, or a phone wallet. It is run by Interac Corp., which was formed in February 2018 by merging the Interac Association (founded in 1984 as a cooperative of Canadian financial institutions) and Acxsys Corporation. Its shareholders include banks, credit unions, caisses populaires, processors and merchants. Interac Debit launched in 1994 and handled 6.6 billion transactions in 2024, including 12.4 million e-commerce payments through digital wallets.
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