Interac Lab opens in Communitech

Interac Corp has opened an innovation lab, called the Interac Lab, in Kitchener’s Communitech hub. The Interac Lab will serve as an R&D centre where next-generation payment solutions around new technologies, such as blockchain and Internet of Things (IoT), can be developed to test how these can be integrated in the Interac suite of products. The lab will have full-time staff that will engage with co-op students from nearby universities who are in math, science and engineering programs. Participants in the lab can develop proof of concept of payment capabilities that can help Interac fast track deployment in the market. Interac said it saw a record number of transactions at two million transactions on one day on June 1, and use of the service increases at 50% year-over-year.