Interac has launched Konek, a new payment service that gives Canadians more ways to pay securely online.
Konek, through partnerships with major Canadian financial institutions, allows online shoppers to pay securely for items using a debit, credit, savings, checking or line of credit.
Koniek says purchases made through a customer's checking, savings or credit accounts are received through Interac Directa new service from Interac that allows customers to pay for participating companies directly from their participating bank account (RBC, National Bank of Canada, BMO, Scotiabank, TD).
The company says Interac Direct also offers lower commissions to merchants. The new service also uses tokenization to replace credit card information with random numbers and provide merchants with only the information they need to make a purchase.
According to City news, Chris Zanuldin, Konek's chief executive, said in a statement that the new service offers a secure and domestic alternative to international e-commerce solutions. Essentially Interac's solution to the widely popular PayPal, similar to Konek, it makes it easy for both merchants and customers to send and receive money online.
Now that Konek is available to merchandisers, Staples Canada is the first retailer to allow it. In a press release Konek and Staples are aiming to offer a more streamlined checkout process, which both companies hope will reduce fraud and cart abandonment.
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