{"id":75598,"date":"2020-08-17T13:14:00","date_gmt":"2020-08-17T13:14:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/content\/%content-category%\/money_transfer_by_generation\/"},"modified":"2025-05-30T18:33:15","modified_gmt":"2025-05-30T22:33:15","slug":"money-transfer-by-generation","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/business\/money-transfer-by-generation\/","title":{"rendered":"From Gen Z to Baby Boomers: How different generations are using online money transfers during COVID-19"},"content":{"rendered":"

COVID-19 has changed the way Canadians shop<\/a>, work and socialize. Shifts in consumer behaviour have led to accelerated adoption and use of the Interac <\/em>e-Transfer<\/a> platform to move money<\/a> securely. Over 64.2 million Interac <\/em>e-Transfer transactions took place in June. Canadians also set a new record for average transactions per day in a single month at 2.14 million.<\/p>\n

The ever-present need for secure, convenient digital transactions is intensified during a crisis, when having real-time access to your money is imperative. Layer on physical distancing requirements and the desire for contactless payment and shopping experiences, and it\u2019s no wonder COVID-19 is accelerating Canadians\u2019 shift to digital transactions<\/a>.<\/p>\n

Because consumer behaviour has changed since the start of the pandemic in Canada, certain Interac <\/em>e-Transfer use cases have naturally decreased \u2013 paying your babysitter, splitting a night out, paying a friend back for concert tickets. However, Canadians have begun using the Interac <\/em>e-Transfer service in new ways \u2013 and some for the first time.<\/p>\n

Canadians seeking fast, safe money transfer solutions<\/h2>\n

Quicker access to your money is especially valuable when managing finances during a crisis. Since mid-March, more than 40 per cent of all Interac <\/em>e-Transfer transactions have been deposited via Interac <\/em>e-Transfer Autodeposit<\/a>, a five per cent increase compared to February. When using Interac <\/em>e-Transfer Autodeposit, funds are deposited directly into your bank account, without the extra step of answering a security question. Today, there are 10 million Canadians registered for Interac <\/em>e-Transfer Autodeposit, a figure that continues to grow.<\/p>\n

More Canadians 65+ using the Interac <\/em>e-Transfer platform to transfer money during COVID-19<\/h2>\n

The use of digital tools among Canadians 65+ gradually increases every year, with internet usage more than doubling since 20071<\/sup>. As seniors in Canada become more accustomed to online tools, they also become more comfortable with online money transfers and digital transactions. In 2020, the number of Interac <\/em>e-Transfer users aged 65+ increased 29.8% year-over-year2<\/sup>.<\/p>\n

The rate of growth has increased quickly during the pandemic in Canada. Since mid-March, the number of Canadians 65+ using the Interac <\/em>e-Transfer platform increased 40 per cent compared to the same period last year3<\/sup>. This follows similar trends across other online solutions, such as digital banking, which saw a 250 per cent increase in registrations by senior clients in April 20204<\/sup>.<\/p>\n

This exponential growth can be attributed to seniors in Canada adapting to imposed COVID-19 restrictions. For example, friends, family and neighbours may do the grocery shopping, helping seniors avoid the grocery store crowds. To maintain the contactless payment and shopping experience and avoid high-touch surfaces, they\u2019ll pay the shopper back using an Interac<\/em> e-Transfer transaction instead of cash.<\/p>\n

Increase in Canadians aged 18-24 using Interac <\/em>e-Transfer<\/h2>\n

First-time Interac <\/em>e-Transfer users aged 18-24 may begin using the Interac <\/em>e-Transfer service to pay back friends, receive support from family or split rent with roommates when they start working or attending post-secondary school.<\/p>\n

Canadians in provinces with lifted restrictions may be once again splitting restaurant tabs or fees for their sports leagues<\/a> via online money transfer. They may also receive Interac <\/em>e-Transfer transactions in return for running errands or grocery shopping for family and friends. Plus, as more businesses offer virtual and contactless experiences, Canadians 18-24 are more likely to choose digital transaction options5<\/sup> such as Interac <\/em>e-Transfer, Interac <\/em>Flash or Interac <\/em>Debit for In-App and In-Browser Payments.<\/p>\n

Canadians are adapting to the COVID-19 pandemic, choosing Interac <\/em>Flash for curbside pickup and contactless payments, Interac <\/em>Debit for In-App and In-Browser Payments to replicate their favourite restaurant experiences<\/a>, and Interac <\/em>e-Transfer for safe money transfers at home and in their businesses. As Canadians\u2019 needs change, the convenience of Interac <\/em>solutions will influence a long-term shift in consumer behaviour.<\/p>\n

 <\/em><\/p>\n

1<\/sup> https:\/\/www150.statcan.gc.ca\/n1\/pub\/11f0019m\/11f0019m2019015-eng.htm<\/a><\/sup><\/p>\n

2<\/sup> Based on Interac <\/em>e-Transfer Q&A users from January 1, 2019 \u2013 July 1, 2019 and January 1, 2020 \u2013 July 1, 2020<\/sup><\/p>\n

3<\/sup> Based on Interac <\/em>e-Transfer Q&A users from March 17-May 6, 2020<\/sup><\/p>\n

4<\/sup> http:\/\/cibc.mediaroom.com\/2020-06-09-Canadians-65-and-over-lead-the-surge-in-digital-banking-use-amidst-COVID-19-pandemic<\/a><\/sup><\/p>\n

5<\/sup> https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/180829\/dq180829b-eng.htm<\/a><\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"

COVID-19 has changed the way Canadians shop, work and socialize. Shifts in consumer behaviour have led to accelerated adoption and use of the Interac e-Transfer platform to move money securely. Over 64.2 million Interac e-Transfer transactions took place in June. Canadians also set a new record for average transactions per day in a single month…<\/p>\n","protected":false},"author":1,"featured_media":79854,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"content-tags":[272,283,294],"content-category":[189,193],"spokespeople":[],"in_the_know_post_format":[169],"class_list":["post-75598","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-interac-e-transfer","content-tags-payments","content-tags-trends","content-category-business","content-category-news","in_the_know_post_format-article"],"acf":[],"yoast_head":"\nMoney Transfer Trends: From Gen Z to Boomers<\/title>\n<meta name=\"description\" content=\"Across generations, people use online money transfers in different ways\u2014but are all looking for faster and more reliable payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interac.ca\/en\/content\/business\/money-transfer-by-generation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Gen Z to Baby Boomers: How different generations are using online money transfers during COVID-19\" \/>\n<meta property=\"og:description\" content=\"COVID-19 has changed the way Canadians shop, work and socialize. 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