Increasingly popular service an integral part of Canada’s modernized payment system
TORONTO, February 22, 2018 – The popularity of the Interac e-Transfer service continues to grow dramatically, as consumers and businesses used the platform in record numbers in 2017, making more than 241 million transactions, worth a total of more than $92 billion. Data released today by Interac Corp. show this is a 52-per-cent increase in volume and a 44-per-cent increase in total value over last year’s figures. Interac Corp. says three-quarters of people using online banking in Canada are registered to use its Interac e-Transfer service, with 7.4 million unique active users every month.
“The consistent year-over-year growth in usage of the Interac e-Transfer service is a testament to its convenience and reliability among consumers, businesses and financial institutions in Canada who are always looking for ways to send, request and receive money,” says Debbie Gamble, VP Digital Product and Platforms, Interac Corp. “We’re incredibly proud to deliver a fast, secure and trusted digital money movement service to Canadians. Seeing Interac e-Transfer used at record levels strengthens Canada’s position to deliver a faster, more modernized payments system domestically and around the world.”
Gamble notes that Canadians like the convenience of using Interac e-Transfer as an alternative to cash or cheque, and use it more than any other digital P2P service*. In 2017, Interac e-Transfer introduced two new features, Autodeposit and Request Money, making the user experience more streamlined and easier to use. With Autodeposit, for example, users can register to receive money directly into their bank account without the need for a security question, while Request Money allows them to use online or mobile banking to easily request funds owed from anyone in Canada.
Additionally, approximately one in six Interac e-Transfer transactions are conducted by a business. To a business owner, the ability to immediately request, send and receive money from anyone in Canada, and to easily send and settle invoices simplifies accounting processes. Businesses choose the Interac e-Transfer service because it is easy to use and eliminates reliance on cheques, allows for invoices to be settled in real time, offers easily trackable data, and ultimately reduces costs.
“Over the years, we’ve worked to optimize the Interac e-Transfer service to make it easier for our customers to use. Canadians use the service for everyday needs, like paying a friend back for dinner, splitting vacation costs, or sending and settling invoices,” says Gamble.
Stats at a glance:
- The Interac e-Transfer service is used on average over 660,000 times a day.
- The average Interac e-Transfer value is $382 with 62% of all transactions under $200 and 47% under $100.
- The average Interac e-Transfer user sends three or more transactions per month.
- 76% of Interac e-Transfer transactions are deposited on a mobile device.
About the Interac e-Transfer platform
Interac e-Transfer, a digital money transfer platform, is the fastest and safest way for Canadians to transfer money directly from one bank account to another. Every day, Interac e-Transfer and Interac e-Transfer Bulk Disbursement are relied upon to send and receive money securely, conveniently and efficiently via person-to-person (P2P), person-to-business (P2B), business-to-business (B2B) and business-to-person (B2P) transactions.
Users can access the platform through a participating financial institution’s online or mobile banking application to send money to anyone with an email address or mobile phone number and a bank account in Canada – without requiring any personal financial information. Transferred funds remain secure with financial institutions, which settle with each other through Payments Canada’s settlement systems. More than 255 financial institutions offer access to Interac e-Transfer.
The Interac e-Transfer platform offers unique capabilities, such as 24/7/365 availability, real-time payment notifications, analytics, and reporting. All users are protected with multiple layers of security including encryption technology, financial institution authentication and proprietary risk management making it one of the most secure P2P solutions globally.
About Interac Corp.
As of February 2018, Interac Corp. continues the businesses formerly carried on by Interac Association and Acxsys Corporation, operating an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada’s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.