Interac® Debit to be available for TTC riders

TTC, Canada's largest transit agency, to enable contactless payments via Interac Debit starting August 15, 2023

TORONTO, Aug. 10, 2023 /CNW/ - Interac® Debit will be available as a contactless payment option for adult fares across the Toronto Transit Commission (TTC) network as of August 15, 2023. This will offer those living in, commuting to and visiting the Greater Toronto Area (GTA) a more seamless way to pay for transit, without having to load passes or purchase tickets.

"Transit riders across Toronto will now have the quick and convenient option to pay for a ride directly from their banking account with Interac Debit," said William Keliehor, Chief Commercial Officer, Interac Corp. ("Interac"). "With availability across the PRESTO network, transit users throughout the entire Greater Toronto Area can ride with confidence knowing debit is available. Interac is proud to play a part in supporting the needs of transit riders in Toronto." 

Today's announcement also marks the first time TTC riders will be able to pay adult transit fares directly by using a debit card loaded in their participating mobile wallet on their smartphones or smartwatches. Since the first launch of Interac Debit contactless payments on select transit agencies in 2021, approximately one-third (32 per cent) of Interac Debit transit transactions use a mobile wallet. 

"We are thrilled to offer expanded payment options on the TTC. The addition of contactless payment via Interac Debit for adult fares on all TTC buses, streetcars and at fare gates, gives customers more choice and convenience when they travel," said Rick Leary, CEO, TTC. "Tapping on with a debit or credit card is a feature we know our customers want and will help make their commutes easier."

Interac is working with additional transit agencies to reach more riders from coast to coast. In May, Interac Debit became available as a contactless payment option on nine transit agencies across the PRESTO fare system. Interac Debit is also available on TransLink, Société de transport de Laval (STL), Fredericton Transit and Lethbridge Transit.

"When transit agencies enable Interac Debit payments, they're offering riders a payment method that almost 30 million Canadians use for day-to-day transactions." said Andrew Yablonovsky, AVP, Group Product Strategy and Growth, Interac. "As ridership continues to catch up to pre-pandemic levels, transit agencies are increasingly realizing Interac Debit payments can be a key component of ridership recovery by making transit more convenient and accessible for Canadians."

The consumer appetite for contactless payments on transit was illustrated by a 2022 Canada-wide survey from Interac. Two-thirds (67 per cent) of Ontarians polled said they would be likely to use contactless payments if the option was available to them, while seven in 10 (69 per cent) identified Interac Debit as a convenient way to pay for transit.

"We're delighted to bring TTC customers another option when paying their fare with the addition of Interac Debit payment on PRESTO devices," said Barclay Hancock, Chief Payments Officer, Metrolinx. "Starting August 15, riders travelling throughout the GTHA will be able to use the card of their choice when taking transit, making it easier for people to travel across the region."

Further details about the work Interac is doing to bring contactless payment options to transit riders across the country can be found on In The Know.

Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money and data in Canada, security is the core of everything we do. We help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture, community, and corporate citizenship. We are proud to be one of Canada's leading and most trusted financial brands. For more information, visit our website. 

SOURCE Interac Corp.