Ten credit unions launched the Interac Debit payment system with Google Pay, allowing Canadian consumers to pay for purchases using their Android phones.
Canadians have used the interact debit payment system for more than 20 years and this marks a big step forward for Google Pay in its efforts to expand its footprint in banking services.
“The Canadian credit union sector is continually working together and with partners to offer payment options that members want,” said Martha Durdin, president and CEO of the Canadian Credit Union Association (CCUA) in a news release. “Whether it’s for the member who is driven by convenience, or is a tech enthusiast, Google Pay is a mobile payment option that allows all members to pay with the speed and security that they expect.”
Google pay integration
The Google Pay integration involved Interac Corp and Everlink Payment Services and provides consumers with a seamless mobile payment option designed for speed and security.
The new service will let consumers check out faster and more securely in-store using Android phones using Google Pay. Google Pay enables fast, simple ways to pay online, in-apps, and in-store using cards saved to a user Google Account. It protects payment info with multiple layers of security and makes it easy to send money, store tickets, or cash in on rewards – all from one convenient account.
A recent Payments Canada report showed that Canadian consumers’ adoption of digital payment services is growing with electronic payments accounting for 73% of transaction volume in 2018 and showing a 40% drop in cash payments in the past five years.
The ten Western Canadian credit unions launching initially are a mix of larger and midsized institutions including Access Credit Union, Affinity Credit Union, Assiniboine Credit Union, Cambrian Credit Union, Conexus Credit Union, First Western Credit Union, Innovation Credit Union, Libro Credit Union, Prospera Credit Union, Servus Credit Union, and Steinbach Credit Union.
A large number of Canada’s 240 credit unions are expected to implement the Interac-Google Pay system in 2020. The Canadian credit union system has more than 5.6 million members with assets of more than $232.6 billion.
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