Moneris processes first Interac Online debit transaction

Moneris processes first Interac Online debit transaction

Bank-backed Canadian payments outfit Moneris Solutions has processed the first Interac Online transaction, a new service that enables consumers to pay for goods and services purchased on the Internet directly from their bank account.

Interac Online is designed to provide an alternative to credit card payments over the Web by offering consumers the opportunity to pay for purchases via a direct debit from their bank account.

Moneris client online retailer is currently offering the service and was the first company to accept an Interac Online payment. Moneris has also signed an agreement with The Source By Circuit City to implement Interac Online into its merchant Web site.

Consumers using Interac Online do not provide any financial details, card numbers or login information to the online merchant, but instead are re-directed to their existing Web bank account to authorise payments direct.

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