This deal allows international businesses to now accept direct debit payments online without having a registered company in Canada.
Research by Paymentwall shows that 47% of Canadians prefer to pay with direct debit in lieu of a standard credit card, and companies capable of completing these transactions can make almost twice the revenue than those who cannot accept direct debit payments.
According to a press release, this integration with Interac Online will enable non-Canadian companies, including Wargaming, Youzu, Bigpoint and Smilegate, to start accepting online direct debit payments in Canada through participating financial institutions, such as RBC Royal Bank, Scotiabank and BMO Bank of Montreal.
Paymentwall has integrated over 150 payment methods worldwide to offer global payments coverage for users in more than 190 countries. Almost 14 million Canadians prefer to use direct debit payment methods.