Use of Interac e-Transfer service surges in 2018

Source: Interac

The Interac e-Transfer service is showing no signs of slowing down, with Canadian consumers and businesses using the platform at record levels. Interac Corp. released today new record numbers for its Interac e-Transfer service, which reports more than 371 million transactions in 2018, worth a total of more than $132 billion.

This represents a 54 per cent increase in volume and a 45 per cent increase in value over 2017.

“The continued adoption and significant year-over-year growth of Interac e-Transfer demonstrates Canadians’ preference for convenient digital money transfer services like Interac e-Transfer as an alternative to cash or cheque,” said Anurag Kar, Director, Digital Push Payments at Interac. “As the payment landscape evolves, we will continue to deliver solutions to suit the changing needs of consumers and businesses across Canada,” he added.

Coast to coast, Canadians are embracing the Interac e-Transfer service, using it on average over one million times a day and over 35 million times each month. Whether it is to send, request or receive money, consumers continue to choose the service for everyday needs like splitting dinner tabs, paying rent, sending money to family and friends, and settling up with their babysitter, with the average user sending over three transactions per month, with an average transaction size of $357.

And it’s not just consumers. Increasingly, business owners are seeking digital solutions to better manage business administration and cashflow. Interac e-Transfer provides a transformative way to simplify and streamline business payments, with the ability to request and make payments, ultimately saving small businesses time and money.

Interac reports 80 per cent of Canadians using online banking are registered to use Interac e-Transfer, with over 15 million unique active users every month.

Stats at a Glance: Interac e-Transfer Usage in 2018
• November 30th was the platform’s single busiest day, with over two million transactions sent.
• Almost 76 per cent of Interac e-Transfer transactions are deposited on a mobile device.
• Over four million users are registered for Autodeposit, a feature which enables funds go directly into a recipient's bank account without the need to answer a security question.
• Meanwhile, the Request Money feature, which allows Canadians to request money from a recipient, was used nearly one million times.
• Businesses sent over $465MM using our Interac e-Transfer Bulk Disbursement feature - allowing businesses to send bulk payments in a streamlined, secure, and cost-efficient way in a single file upload from online or mobile banking.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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