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Interac partners Mastercard to let Canadians send e-Transfers overseas

Interac partners Mastercard to let Canadians send e-Transfers overseas

Canadian debit network Interac has teamed up with Mastercard to enable users of its e-Transfer P2P payments service send money to bank accounts around the world.

Interac e-Transfer lets Canadians send money directly from their bank accounts to the accounts of other consumers and businesses, using their email address of mobile number.

The service is offered by all of the country's big banks and is now set to go international thanks to the Mastercard Send push-payments service. National Bank will be the first to pilot the international remittance option for its personal banking clients, who will initially be able to send funds to Europe.

Interac says it will then make the service available to other financial institutions in Canada, where if implemented, they can choose to enable their customers to send money internationally to bank accounts, and eventually mobile wallets and cards.

Ramesh Jayakrishnan, director, push payments, Mastercard in Canada, says: "Consumers and businesses today operate globally. Whether it's travelling abroad, sending money to family or friends overseas, or purchasing products from a business in another country, the ability to move funds across borders quickly, easily and securely is becoming a must-have.

"Financial institutions need cost-effective and trusted solutions to meet their customers' expectations. This new offering will connect banks to Mastercard Send to help improve customer experience and future-proof their cross-border payment service, all while using the existing Interac e-Transfer platform."

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