Interac e-Transfer volumes reached record levels in 2016
Toronto – Canadian consumers and businesses are using the Interac e-Transfer service at record levels with more than 158 million transfers made over the platform in 2016, Interac Association/Acxsys Corporation (Interac) said in a news release.
This volume is up almost 50 per cent from the previous year’s 105 million transfers, according to data released today by Interac. The total value of Interac e-Transfer transactions also reached a new high, with more than $63 billion transferred in 2016, representing an average transaction of $408.
“Interac e-Transfer is leading secure, real-time money movement innovation in Canada,” said Mark O’Connell, Interac president and chief executive officer. “We know Canadian consumers and businesses value the convenience and security of Interac e-Transfer today – and will no doubt find value in new enhancements that we’ll bring to market in the coming months.”
Interac e-Transfer is a digital money transfer platform for every type of transaction: person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) and business-to-business (B2B). Based on a “good funds” model in which a sender’s funds are immediately removed from their account upon making a payment or transfer, the service offers real-time capabilities with 65 per cent of transfer notifications received instantly.
O’Connell notes that the organization’s mobile-first vision for the Interac e-Transfer platform became a reality in 2016, with almost 70 per cent of Interac e-Transfer notifications received on a mobile device.
Later this year, Interac will introduce the following capabilities:
· Request money: Send requests for money via Interac e-Transfer.
· Recurring payments: Schedule future dated or recurring Interac e-Transfer transactions and money requests (for example, schedule a transaction on a friend’s birthday or recurring monthly rent payments).
· Auto deposit: Receive Interac e-Transfer transactions and deposit funds directly into your account without the need to answer a security question.
· Open access: Enable businesses to directly access payment services via APIs that leverage the Interac e-Transfer platform’s money movement capabilities.
Ottawa piloting clean needle vending machinesOttawa — Residents of Canada's capital can now access clean…
ACCEO and Desjardins bring self-serve contactless to CanadaMontreal — ACCEO Solutions and Desjardins Group teamed up to…
Snack bar start-up focused on fatsToronto — A Canadian entrepentrepreneur is behind a snack bar…
Parlevel launches LinkSan Antonio, TX — Parlevel Systems has rolled out Parlevel…
Canadian Coffee & Tea Show
September 24-25, 2017
CAMA Expo 2017
October 13-14, 2017
Host Milano equipment, coffee and food exhibition
October 20-24, 2017
Top 50 Packaging Ideas Expo
October 24, 2017