The pandemic has offered new insights into how Canadians spend their money. It’s shown us how important it is to Canadians that they stay in control of their own money, support businesses in their communities, and can pay digitally when and how they want using the payment method of their choice.
Interac has been monitoring these trends through transaction data, customer sentiment and behavioral research, and affirmed that debit continues to be top of mind for Canadians. As businesses across Canada begin to reopen for in-person transactions, and Canadians incorporate in-store shopping experiences along with the delivery and pick-up options they’ve come to rely on, contactless debit payments will continue to be an important part of the retail experience.
Last year, Interac made policy changes to allow financial institutions to increase transaction limits for Interac Debit contactless payments up to $250 for their customers. Over the coming months, many Canadian financial institutions are set to enable these new limits. According to recent Interac research, three in four Canadians surveyed said they would use this solution if available to them.
Increasing the value of purchases that can be made with Interac Debit contactless payments allows merchants to more fully enable customer choice and deliver on these customer expectations. As Canadians and Canadian businesses adapt to transacting in this new normal, they can continue to depend on Interac for safe, dependable, low-cost payment options based on good funds.