Interac e-Transfer hit record usage in 2017, facilitating more than 241 million transactions, worth a total of more than $92 billion. The increasing reliance on the platform shows how essential the real-time payment service is to Canadians and Canadian businesses.
Three-quarters of online banking users in Canada are registered to use the service, and it sees more than 7.4 million unique active users each month.
The data shows that Interac e-Transfer has been embraced as a convenient alternative to cash or cheque, one that Canadians use more than any other digital P2P service. 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.
Autodeposit and Request Money
In 2017, Interac e-Transfer introduced two new features, Autodeposit and Request Money. Users who register for Autodeposit can receive money directly into their bank account without the need for a security question. Request Money allows users to use online or mobile banking to easily request funds owed from anyone in Canada.
It’s not just about P2P payments. 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.
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.
Interac e-Transfer is a registered trade-mark of Interac Corp.