Explore Connecting Canadians to the Digital Economy, the 2022 Interac Corporate Year in Review.
As we emerged from the COVID-19 pandemic in 2022, Interac refocused its efforts on expanding access to its services for consumers and businesses alike while delivering innovative new solutions. Helping Canadians access the goods and services they need makes the digital economy accessible to all Canadians. Through it all, we demonstrated our commitment to building a standout workplace culture.
This year, Interac broadened access to our services. From helping Canadians transact digitally with confidence, to verifying their information online and laying the foundation for next-generation products and services, access was at the heart of all we accomplished in 2022.
That focus created opportunity. We hit product growth milestones, forged new partnerships and continued to build trust within the ecosystem. Most memorably, the Interac e-Transfer service broke a new record in April, surpassing one billion transactions over a 12-month period. This breakthrough represented a transaction increase of 16 per cent over the previous 12-month period. It also revealed the growing relevance of Interac products in the digital economy, particularly to businesses that pivoted to digital payments as they adapted to consumer needs.
We collaborated with retail giant Walmart Canada to enable customers to pay with Interac Debit when making online and in-app purchases. We know Canadians want a seamless omnichannel shopping experience and we’re proud to partner with retailers like Walmart and others to offer that experience. In 2023, we will look to roll out new offerings that will give Canadians more choice when transacting online.
Along with enabling new ways to pay, we also took great strides in building our verification service. Today our interactions are increasingly online; Canadians need a way to securely verify their data quickly and with a high degree of confidence. That is true across geography, socioeconomic status and education level. Our verification solutions remove barriers by connecting Canadians with services without the need for in-person authentication. Interac sign-in service eclipsed 100 million transactions in 2022 and is used by Canadians to access more than 280 federal and government services online.
Our commitment to providing secure access to data sharing services was also seen in our efforts to address the gaps and benefits of establishing an open banking framework in Canada. An ecosystem where a consumer consents to sharing financial data is a powerful opportunity for Canadian providers to create innovative and value-add service offerings. That has enormous potential for both financial organizations and consumers. Our focus in this area, including the demonstration of use cases through minimum viable ecosystems and participation in consultations on a Canadian open banking framework, will continue in FY23.
Finally, I’d like to highlight the importance of building trust with our people and communities. Trust is central to who we are as an organization; it has been core to our 35+ year history and will be increasingly important as we navigate an always uncertain future. We drove social impact through collaborations with non-profit organizations like Conscious Economics and the Canadian Red Cross, where we championed several causes our employees hold dear. I’m thrilled that Interac upheld titles such as “most trusted financial brand,” “most respected technology service provider,” and one of the “most reputable companies” – all testaments to our commitment to building and strengthening Canadians’ trust. Our repeated recognition as one of Greater Toronto’s Top Employers demonstrates our progress to enhance our culture by empowering employees to thrive at work and at home. That is a continued commitment.
We’ve emerged from a challenging three years in a position of strength and growth. I would like to express my gratitude to the Interac team for their sustained efforts throughout a period of great uncertainty and risk. When our networks were tested following a system-wide telecommunications outage, we took the necessary steps to enhance our processes. We do not take the trust Canadians place in us for granted, and remain committed to ensuring the resiliency, reliability and security of our networks so Canadians can access our services. In 2023, Interac will continue to deliver value to our employees and Canadians while preparing to confront potential headwinds. Working together, Interac will help ensure Canadians can confidently participate in the digital economy.