Canadian interbank network Interac has collaborated with Swedish payments firm Bambora to provide cross-border e-commerce payment services for Canadians.
The partnership will enable Canadians to use Interac Debit to carry out e-commerce purchases from domestic and international merchants.
Interac digital payments director Nader Henin said: “Our work with Bambora will take Interac Debit for e-commerce across the border and extend its many advantages to international merchants serving Canadian customers online.
“This is another example of the way we at Interac are continually expanding payment choice and convenience for Canadian consumers and merchants.”
The collaboration is expected to facilitate small and medium-sized businesses using Bambora by providing them Interac’s debit base.
According to Henin, the partnership will support international merchants by ensuring immediate deduction of money from payors’ accounts under the Interac Debit ‘good funds’ model as well as by offering them access to the Canadian Interac Debit network.
More than 5.7 billion transactions were made through Interac Debit card last year, Henin stated.
Bambora North America product head Tristan Kenning said: “Reaching beyond the Canadian border will give international businesses new ways for Canadians to pay. For businesses using Interac Debit for e-commerce transactions will give them a wider customer base, eliminate chargebacks and lead to higher conversions.”