Interac Acquires SecureKey Increasing Digital ID Presence

Interac is making money moves in the digital ID space. The global payments provider has acquired the Canadian contracts for SecureKey, a block-chain based digital ID service provider. SecureKeys’ Verified.Me app allows users to verify their identity online in order to access over 280 government services using unique digital credentials. SecureKey verifies a user’s identity using information that the user consents to share (for example banking information) in order to access government services (such as health records and the Canada Revenue Agency). 

"At Interac, we believe that digital ID is the key to empowering all Canadians to participate equally and safely in the future of the digital economy," says Mark O'Connell, President and CEO at Interac. "Through this acquisition, we are proud to increase our investment in leading identification and authentication capabilities as we work to support businesses and governments across Canada in delivering secure and convenient digital ID experiences for Canadians."

This acquisition is significant given the growing demand for more cybersecurity processes in Canada. At a time where so many more Canadians are participating in transactions from home, Canadians will want the same security as if these transactions happened in person. If the millions of Interac e-transfers made daily are any indication, Canadians trust Interac to provide them with security. Acquiring SecureKey builds on Interac’s November 2019 acquisition of 2Keys, an Ottawa based start-up also in the digital identification industry.

Author: Hannah Johnson, 2021/2022 Articling Student-at-law