Interac e-Transfer volumes reached record levels in 2016

Canadian Vending
April 13, 2017
By Canadian Vending
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.

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