Mr Viral
The new software allows you to pay securely from an account with a partnered bank using Interac Direct
Interac has launched Konek —a new payment service that gives Canadians more ways to securely pay for things online.
Konek, through partnerships with major Canadian financial institutions, allows online shoppers to pay for items securely with their debit, credit, savings, chequing, or line of credit.
Konek says that purchases made through a customer’s Chequing, savings, or line of credit accounts come through Interac Direct, a new service from Interac, which allows customers to pay directly for goods from participating companies directly from their account with a participating bank (RBC, National Bank of Canada, BMO, Scotiabank, TD).
The company says that Interac Direct also comes with lower merchant fees. The new service also uses tokenization to replace credit card details with randomized numbers and share only the necessary information with sellers to complete the purchase.
According to CityNews, Kris Zanuldin, head of Konek, said in a statement that the new service offers a secure and homegrown alternative to international e-commerce solutions. Essentially, this is Interac’s solution to the widely popular PayPal, which provides a similar experience to Konek in simplifying the sending and receiving of money online for both merchants and customers.
With Konek now available to merchandisers, Staples Canada has become the first retailer to allow it. In the press release, Konek and Staples aim to offer a more streamlined checkout experience, which both companies hope will reduce fraud and lower cart abandonment.
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