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10/11/2009 -
Canada's debit payment processing network Interac took a step back from the debate about the MasterCard and Visa entry into the debit market to celebrate its 25th anniversary on Monday.Since its inception on November 9, 1984, Interac has processed approximately 4 billion transactions, worth $168 billion.
"We operate true to our Canadian roots, and we leverage what makes us different than the competition," said Mark O'Connell, president and CEO of Interac Association. "We will continue to offer Canadians the best payment products available and the value-add of being a low-cost payment option. That is what has made us successful and will drive our success over the next 25 years and beyond."
Interac's success is largely due to - or perhaps responsible for - the high use of debit card payment processing in Canada. The country has the highest number of ABMs per inhabitant and is the second highest user of debit (second to Sweden).
Interac also reports that debit is the preferred payment processing choice for Canadians, representing nearly 60 percent of all card payment transactions.
Merchants that do not offer debit payment processing are encouraged to upgrade their POS terminals to provide consumers with that popular option.
