Well, what Interac actually is is a topic of debate and it has been for quite some time now. Some think it’s an e-wallet. Some believe it’s a debit card. And some believe it’s a bank transfer method. The thing is, we can’t discard any of the thoughts right away.
Interac is essentially Canada’s national debit card. Before 2018, 2 separate organizations facilitated the transactions for the users. Interac Association and Acxsys Corporation.
Features like the Debit ABM withdrawals, the PIN system, and the contactless payments are all contributions of Interac Association. Acxsys Corporation, on the other hand, is responsible for features like Interac e-Transfer and Interac Debit.
Finally in 2018, both organizations merged and came out with a new entity named Interac Corporation. Now, it’s an omnichannel payment method. Although it still offers a few different products for the consumers, not all of them are suitable for use at Interac online casinos.
Interac online, for example, can only be used for deposits. It sounds like an e-wallet but it’s not. Rather, it’s an online bank transfer method, very much like iDebit. But unlike iDebit, you cannot withdraw real money from online casinos that accept Interac with the online product.
So, we’re going to primarily focus on the Interac e-Transfer. It’s going to be an interesting one because this one is not your traditional banking channel. The “e” in the e-Transfer may very well stand for email!