Interac Corp. has entered into a strategic transaction to acquire the exclusive Canadian rights to use Toronto-based Vouchr Ltd., an engagement platform that 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 products. 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% of all Interac e-Transfer transactions, says the company, while overall usage of the service has climbed about 12% 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.”
“Together we’re redefining the way Canadians can engage with money transfers,” adds Rob Balahura, co-founder of Vouchr, “and look forward to making every Interac e-Transfer transaction an opportunity for a more personalized, meaningful, and enjoyable experience.”
In 2019, Interac acquired 2Keys Corporation and in 2021, acquired the exclusive Canadian rights to SecureKey’s digital verification services.