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Interac launches Konek to widen online payment options | Business News | thecanadianpressnews.ca (www.thecanadianpressnews.ca)
submitted 4 months ago by otters_raft@lemmy.ca to c/buycanadian@lemmy.ca
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TORONTO - Interac Corp. says it has launched a new offering that gives Canadians more ways to pay for online purchases including directly through their bank account.

The company says the Konek payment solution is gradually being rolled out with Staples.ca as its first client, while for customers, access is limited for now to those who bank at BMO, National Bank of Canada, Royal Bank of Canada, Scotiabank or TD Canada Trust.

The option allows shoppers to pay through their debit or credit cards, or directly from their chequing, savings or line of credit accounts.

Purchases through bank accounts or a line of credit are being done through Interac Direct, which it says is a new digital payments solution with lower merchant fees.

Interac says it created the option in collaboration with Canadian financial institutions to offer more choices in how people pay online, while also lowering cart abandonment.

Kris Zanuldin, head of Konek, says in a statement that it offers a secure, homegrown alternative to international e-commerce payment solutions.

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[–] Rentlar@lemmy.ca 16 points 4 months ago (1 children)

@Albbi@lemmy.ca @Sunshine@lemmy.ca I remember you, among others, were calling for Canadian payment processors, this sounds like an appropriate solution!

[–] Sunshine@lemmy.ca 10 points 4 months ago

This news is music to my ears. I can’t wait to test it out!

[–] Auli@lemmy.ca 4 points 4 months ago (1 children)

I mean I can already pay with my bank account online. Debit card acts as a MasterCard.

[–] Knoxvomica@lemmy.ca 8 points 4 months ago (1 children)

Right but you have MasterCard as a US Middleman.

[–] fastfinge@rblind.com 3 points 4 months ago (2 children)

How is this better than what already exist?

[–] runsmooth@kopitalk.net 18 points 4 months ago (1 children)

Almost sounds like fintech similar to what one might see in Singapore in their NETS system. I think this Konek system is designed to give Canadians an alternative payment system independent of Visa and Mastercard, while offering businesses and customers reduced transaction rates.

[–] fastfinge@rblind.com 1 points 4 months ago (1 children)

Unfortunately, though, we don't have the population of Singapore. While I would love this to work, I just don't see merchants implementing yet another payment provider.

[–] Knoxvomica@lemmy.ca 2 points 4 months ago (1 children)

Wait, Canada doesn't have 6.1 million people? What?

[–] fastfinge@rblind.com 2 points 4 months ago

For some reason I had Singapore in my head as being way larger like Japan or Korea.

[–] Rentlar@lemmy.ca 13 points 4 months ago (2 children)

It will be good for merchants who want to pay lower fees than they currently do to Visa, MasterCard, PayPal, Stripe, et cetera. All of these are American companies as well so customers and merchants can keep more money in Canada. On the outset to me, it kind of sounds like Interac e-transfer reconstituted into secure e-commerce transactions.

[–] avidamoeba@lemmy.ca 2 points 4 months ago

Give us a small discount to demonstrate the point.

[–] fastfinge@rblind.com -3 points 4 months ago

Right, but Canada is small enough that none of the large merchants are going to implement this, are they? Interac already has a payments API, and I've only ever encountered it used in the wild once.

[–] wampus@lemmy.ca 2 points 3 months ago

Meh. While Interac bringing forward a more 'universal' online payment option is great, almost all banks / financial institutions have a US hosted backend that obliterates any privacy and continues to fund and be reliant on US / Foreign interests.

Our govt has officially come out with a whitepaper saying the obvious -- that unless you control your tech stack, there's not much stopping the US from accessing/taking anything that's in a US cloud. Banks are definitely in US clouds -- hell, there's only like ONE viable Canadian backend banking system provider in the country that I'm aware of, and it's only used by a handful of tiny FIs. And it's not enough of a selling feature to help those small CUs out it seems. And even with that, they'd still need to route payments through US cloud systems -- like a bunch of the cheque clearing / processing is done in Microsoft's cloud now, for example. That got moved into a US tech giant for a chunk of the sector this year.