Canadian interbank network Interac has announced the opening of the Interac Lab – an innovation centre and accelerator, aimed at supporting research and development projects.
The focus of the lab will be on tackling product and industry challenges, which will in turn accelerate the development of the next generation of products and features for Canadians. The lab will have three key priorities:
- Develop new payment capabilities by creating proof of concepts and progressing research and development projects.
- Improve the way consumers and businesses move money.
- Explore the future of payments, testing emerging technologies such as voice, the Internet of Things, artificial intelligence and blockchain.
“Opening the Interac Lab positions us to continue to evolve as the payments sphere changes,” said Debbie Gamble, vice president of digital product and platforms at Interac.
Interac is experiences record levels of use in Canada, with its e-Transfer service processing a record two million transactions in one day, while the use of the service is increasing at a rate of 50 per cent year-on-year.
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