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November 2, 2017updated 03 Nov 2017 10:57am

Interac supports Samsung Pay in Canada

By Shruti T

Interac Association/Acxsys (Interac) has introduced Samsung Pay as a mobile payment option for Interac Debit cardholders in Canada.

The payment option provides convenience, security and privacy of contactless transactions to debit card customers issued by participating financial institutions and also for the supported Samsung devices.

Consumers who have Samsung devices and the debit cards issued by ATB Financial, CIBC and Scotiabank can now use Interac Debit on Samsung Pay to pay for purchases at merchant locations in Canada, wherever Interac Flash payments are accepted.

When cardholders add Interac Debit on Samsung Pay to their device, a Virtual Account Number is created, which is different from the physical card number.

All the Samsung Pay transactions will go through the Interac Token Service Provider (TSP), that generates a sequence of numbers valid for a single transaction only.

Interac Association and Acxsys Corporation president and CEO Mark O’Connell said: “Interac Debit continues to be the most-used payment method in Canada, and by making it available through Samsung Pay, we’re ensuring that even more Canadians will be able to use it to make mobile payments directly from their bank account.

“This is part of our ongoing commitment to offer Canadians a broad range of fast and secure payment options, including the convenience of paying with their mobile device.”

Samsung COO and executive vice president Paul Brannen added: “We’re happy to expand our Samsung Pay offering to Interac Debit customers throughout Canada and offer them a seamless mobile payment solution that is simple, safe and convenient.”

Interac branded products and services are currently offered by Interac Association and Acxsys, which together operate a debit system in Canada.

In 1996, the original architects of the Interac network created Acxsys to develop new business partnerships and new services and take advantage of opportunities in the marketplace on a competitive basis.

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