Editing Interac (section)

===Interac Online===
Interac Online was a service that allowed customers to pay for goods and services over the Internet using funds directly from their bank accounts. It was an [[Online Banking ePayments]] service very similar to [[iDEAL]] in the Netherlands, [[Giropay]]<ref>{{cite web|url=http://www.giropay.de |title=Home: giropay |publisher=Giropay.de |date=18 September 2013 |access-date=18 October 2013 |language=de}}</ref> in Germany, and [[Secure Vault Payments]]<ref>{{cite web|url=http://www.securevaultpayments.com |title=Fast. Easy. Secure |publisher=Secure Vault Payments |access-date=18 October 2013}}</ref> in the United States. Because no financial information is shared with the online merchant, the Interac Online service was more secure than online credit card payments. This service, operated by Acxsys Corporation from 2005-2018 and by Interac Corporation since then until its discontinuation, was available to customers of four of the five largest Canadian banks: [[Royal Bank of Canada|RBC]], [[Bank of Montreal|BMO]], [[Scotiabank]], and [[TD Canada Trust]] by 2007.

By February 2009, Interac Online was supported by roughly 300 merchants including two large universities (for tuition payments), two major wireless carriers, provincial lottery corporations, and a wide variety of retailers. It was later adopted by Paymentwall (for payments to third-party merchants) and the Canada Revenue Agency (for income tax payments).

The service was discontinued on October 31, 2024.<ref>{{cite web |author1=Interac Corportation |title=Interac Online Decommissioning |url=https://www.interac.ca/en/interac-online-decommissioning/ |date=31 October 2024}}</ref> Prior to its discontinuation, the service steadily lost support from both merchants and financial institutions, likely due to the increasing prevalence of co-badged [[Debit Mastercard]] and [[Visa Debit]] cards.