Interac Looks to Accelerate Growth of Digital Payments in Canada with Token Service Provider

Coinciding with Mobile World Congress 2016, Interac has introduced capabilities that the company believes are setting the standard for secure debit payments and accelerating the growth of digital payments in Canada.

A key development is the Interac Token Service Provider. This proprietary token generation and management service enables financial institutions, merchants and our partners to build and manage secure digital payment experiences.

“The Interac TSP is core to our digital strategy and solidifies our position as a driver of innovation and champion of secure debit payments,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation.

“It offers the security and customization that our consumers and clients demand with the capability for tokenized digital debit transactions on any device or mobile wallet that supports it.”

“Extending our strong value proposition to digital payments is a given,” said Avinash Chidambaram, Vice President, Product and Platform Development, Interac Association and Acxsys Corporation. “Canadian consumers use us more than any other payment brand and acceptance is nearly ubiquitous at merchants from coast to coast because of the benefits we provide to them.”

The Interac TSP was developed in collaboration with IBM, Bell ID, and Everlink.

“Canadian consumers have always been eager to adopt new mobile technologies, and we see a very strong interest for mobile wallets,” said Alon Kronenberg, an IBM executive specializing in mobile technologies. “The Interac TSP, underpinned by IBM’s secure cloud infrastructure and implementation services, is a key building block to enable financial institutions to more easily offer mobile wallet capabilities to their clients.”

“Bell ID is excited to partner with Interac and contribute further to the advancement of mobile payments in Canada,” commented David Orme, CEO, Bell ID.

“Everlink is proud to partner with Interac in the provision of secure tokenization gateway services, enabling mobile debit payments in Canada,” said Mark Ripplinger, President and CEO, Everlink Payment Services.

Interac, a member of the FinTech Cluster at MaRS Discovery District, says it is shaping the future of digital debit payments in Canada.