Visa Debit vs INTERAC Online
There seems to be some confusion for folks these days due to new online payment options available from our banks. I wanted to post this here to let people know the differences surrounding some of these new payment options.
Visa Debit/Debit Mastercard - These are card numbers issued by your bank and the credit card company that function online like a credit card number. The main difference being the cash comes from your bank account rather than a credit find like a regular credit card. These can be used online like a regular credit card, and allow folks who don't want credit to be able to purchase things and services online.
INTERAC Online - this is a Canadian only service that allows you to use your bank issued debit (ATM) card to pay for things and services online. Its from the same company that does INTERAC Email Money transfers (EMTs) that are so popular here on ASC. Strangely, CIBC does not participate in this service.
You do not choose INTERAC Online when using your Visa Debit/Debit Mastercard.
Last edited by Blackthorne; November 8th, 2012 at 08:32..