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Interac buys Canadian rights to Vouchr platform

Source: Interac

Interac Corp. (Interac) today announced it has entered into a strategic transaction to acquire the exclusive Canadian rights to use Toronto-based Vouchr Ltd. (Vouchr)’s engagement platform which enables users to send and receive personalized multi-media notifications along with their money transfers.

With this strategic transaction, Interac intends to leverage the Vouchr platform to enable personalized notifications, rewards and merchant offerings for its product suite. Initially rolling out with Interac e-Transfer®, once integrated, Interac intends to offer customizable and engaging notifications that Canadians can use to create comprehensive e-gifting experiences.

“As Canadians show increased preference for digital-first experiences, this transaction will allow us to boost engagement on the platform while making transactions a more personalized extension of daily life,” says Anurag Kar, Head of Product, Interac e-Transfer. “Interac e-Transfer users will be able to receive customized notifications, and send meaningful messages that feature eCards, videos and GIFs embedded within the notification.”

Another feature, once implemented, will enable businesses in Canada to deliver company branded Interac e-Transfer notifications to employees, customers and suppliers. Payments to, from or between businesses in Canada now account for approximately 23 per cent of all Interac e-Transfer transactions, while overall usage of the service has climbed about 12 per cent over the last year to reach a record 1.2 billion transactions.

“This deal establishes a new chapter in Canadian money movement by integrating our engagement platform into Interac services,” says Suresh Bhat, co-founder of Vouchr. “Additionally, it brings credibility and momentum, demonstrating the value our technology brings to other markets.”
Rob Balahura, co-founder of Vouchr adds, “together we’re redefining the way Canadians can engage with money transfers and look forward to making every Interac e-Transfer transaction an opportunity for a more personalized, meaningful, and enjoyable experience.”

This transaction comes as Interac has been in business for 40 years and has continued to invest in the Canadian fintech ecosystem, and as it works to create a more accessible and secure digital economy for all Canadians. It follows Interac’s acquisition of 2Keys Corporation in 2019 and its acquisition of the exclusive Canadian rights to SecureKey’s digital verification services in 2021. 

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