Interac, Walmart Canada partner to expand debit in digital shopping
The Interac debit network is expanding online and in-store options for Walmart customers throughout Canada, looking to have new technology in place by spring of 2021.
Walmart shoppers would have the option to check out using Interac Debit for in-app and in-browser payments through proprietary wallets. In addition, Walmart Canada has begun rolling out Interac Flash at point-of-sale terminals, giving customers the option to pay with a secure tap of a debit card or smartphone.
“The collaboration will give Walmart customers more debit payment options, allowing them to transact using their own money within the channel of their choice,” William Keliehor, chief commercial officer at Toronto-based Interac, said in a Tuesday press release. “Given Walmart’s size, scope, and scale in the domestic retail market, this working relationship signals increased momentum for the continued expansion of Interac Debit."
Interac has continued expanding its e-commerce footprint throughout Canada, addressing the growing desire of consumers to have contactless payment options during the COVID-19 crisis. Since March of this year, Interac transactions made using Interac Debit for in-app or in-browser payments have increased an average of 22% month-over-month, the company stated in the release.
“We listen to our customers and want them to have even more choices for how they pay for their items," Nicolai Salcedo, chief information officer at Walmart Canada, said in the release. "This is part of our ongoing effort to make shopping at Walmart easy, safe and seamless, especially during these challenging times.”
Interac says nearly 300 financial institutions in Canada are on its network and Canadian consumers use Interac products an average of 18 million times a day to pay and exchange money.