What Makes Interac E-Transfer So Popular?

Would you like me to give you cash or would you prefer an e-transfer? This is a question asked by Canadians of other Canadians on a daily basis. Interac e-transfer makes it so easy for one person to give money to another that the service is beginning to catch up to handing over cash as the most popular way to pay a friend or family member.

“Interac e-Transfer is the most efficient way to send money to another person,” states Director of Digital Push Payments at Interac, Anurag Kar on Interac.ca, “The need to share money doesn’t go away; people are always going to go out with friends, make group purchases, pay for a service like a babysitter or a dogwalker. The issue is: What’s the payment option at their fingertips at their time of need?”

There were 241 million Interac e-transfers in 2017.

This statistic, presented by Interac, clearly demonstrates that Canadians depend on this very easy-to-use service. Using the banking app of your choice, you can transfer money directly from your bank account to the bank account of another person. That person will receive an email notification to let him/her know the transfer has been made. Many people opt for automatic deposits while others are sent passwords to confirm acceptance of the transfers.

“The popularity of the Interac e-Transfer service continues to grow dramatically, as Canadians used the platform in record numbers in 2017,” notes Interac, “Businesses and consumers use the service every day send, request and receive money – settling everything from dinner tabs to invoices.”

Over $92 billion was transferred using Interac e-transfer in 2017.

The popularity of Interac e-transfer continues to grow with each year. Both its ease of use and the incredible convenience it provides Canadians make it an increasingly-used service.  Interac notes that 16.7 million Canadian bank accounts use Interac e-transfer. The 241 million transactions in 2017 was actually a 52 percent increase in use of the service from the year before.

“And, one in six of those Interac e-Transfer transactions was conducted by a business,” the Interac website points out, “Why? Not only is it easy to use but it eliminates the reliance on cheques, allows for invoices to be settled in real time, offers easily trackable data and ultimately reduces costs.”

There are 660,000 Interac e-transfers made daily.

“That works out to more than seven transactions per second,” Interac tells us. Not only are Interac e-transfers incredibly popular, but performing them on mobile devices is the most frequent way they are done. According to Interac, nearly 75 percent of all transactions are completed on mobile.

All that is required, in order to take advantage of Interac e-transfers, is for you to have a Canadian bank account. If you don’t have a mobile device, transactions can just as easily be made on your desktop computer. Once you’ve registered an email address for a recipient of an Interac e-transfer, his/her name and contact will be saved for convenient future use.

Canadian consumers appreciate merchants who accept their Interac debit cards.

In addition to allowing them to make easy in-store payments, the cards also offer them the ability to take advantage of one of the country’s most beloved financial services! To upgrade the POS terminal in your store, call Canadian POS at 1-877-748-2884 or email us at info@cdnpos.com and be sure to ask us about the Poynt Smart Terminal.