It’s official: 2018 was another record-breaking year for Interac Flash. Canadians used the contactless debit service to complete 2.37 billion transactions worth a combined $45.3 billion. That averages out to 6.4 million transactions per day, demonstrating the crucial role that this contactless payment solution plays in consumers’ lives.
The results also indicate that the steady growth of Interac Flash has yet to slow down. Canadians completed 600 million more contactless debit transactions in 2018 than they did in 2017, when total Flash usage reached 1.7 billion transactions. The total value of all transactions has increased at a similar rate, rising from $31.1 billion in 2017 to its current total.
But consumers aren’t the only ones who’ve made Interac Flash a key part of their daily lives. Businesses have also embraced it as a fast and effective way of processing payments. In 2018, approximately 281,000 merchants accepted Interac Flash, and annual adoption among this group has increased at an annual average of 49,000 businesses over the past two years.
Overall, the numbers paint a vibrant picture about the growth and accessibility of Interac Flash. But misconceptions about contactless debit still exist, preventing some consumers from taking full advantage of the speed and convenience it offers. To remedy that, here are a few facts about contactless you may not know.
It Keeps Customers Safe
While Interac Flash makes checking out quick and convenient, it also features multiple layers of security to protect customer data. Contactless debit places limits on individual purchases, which restricts theft if a card is lost or stolen. Cards can’t make payments with a reader if it’s more than four centimetres away or the Interac Flash option hasn’t been selected, preventing accidental purchases. And EMV chip processing eliminates the possibility of counterfeit cards and retail fraud by encoding sensitive financial information.
Even with these safety features in place, customers can rely on additional protections when they use Interac Flash. Under the Interac Zero Liability policy, cardholders aren’t responsible for unauthorized transactions, offsetting any losses incurred through fraud or system errors. With these safeguards in place, using Interac Flash makes shopping a stress-free experience.
It’s Easy to Use
While Interac Flash offers the same security as paying with Interac Debit (chip and PIN), contactless payments may not seem important to certain merchants. But when it comes to payments, there’s little sense in following the “if it ain’t broke, don’t fix it” approach. In fact, Interac Flash doesn’t just make checkouts faster. It also makes payments simpler, both for consumers making day-to-day purchases. With advantages like these, it’s no wonder that Interac Flash has experienced such tremendous year-over-year growth.
Whether it’s security, speed, or simplicity, Interac Flash offers a host of benefits that make paying for daily purchases a breeze. And as usage continues to grow, it’ll only get easier to make purchases in a flash.
