DCHP-2

Interac DCHP-2 (October 2016)

• n. & adj. — proprietary, Finance

  a national electronic system using a debit card and PIN that allows cardholders to access their bank account at automated teller machines or to pay retailers.

  Type: 1. Origin — The Interac Association was formed in 1984 by five Canadian banks, with the goal of creating a national network for cash-dispensing. In 1990, Interac launched an Interac debit service, Interac Direct Payment, that became available nationally in 1994 (see Canadian Encyclopedia reference). Now the card is accepted at almost all retailers and is a more popular form of payment than cash. Today, the term Interac is used to refer to the debit payment system - "pay by Interac" is synonymous with "pay by debit card". In 2013, 60,000 bank machines and 766,000 point-of-sale terminals were part of the Interac system (see Interac reference). Interac remains most prevalent in Canada (see Chart 1).
  See also COD-2, s.v. "Interac", which is marked "Cdn proprietary".