Did you know Canadian consumers and businesses are using Interac e-Transfer services at record levels? According to an article in Payment Business, more than 158 million transfers were made over the Interac e-Transfer platform in 2016. Over the last few years, the use of e-Transfers has been on the rise. In 2018, Interac’s stats revealed a 54 percent increase in transactions from the year before. More than 371 million Interac e-Transfer transactions occurred in Canada in 2018, compared to the 241 million e-Transfers from 2017. This data comes to us from the Interac Association/Acxsys Corporation.
Interac e-Transfer is a digital money transfer platform, and can be used for every type of transaction:
• Person-to-person (P2P)
• Person to business (P2B)
• Business to person (B2P)
• Business to business (B2B)
The Benefits of Interac e-Transfers
With Interac, a sender’s funds are withdrawn from their account immediately upon making a payment of transfer. This benefits users on both ends of a transaction, because the money is sent and received instantaneously. The even-better news is Interac e-Transfers work like debit transactions, so there are no chargebacks, and you know that the funds have to be available to be used for the transfer. You can also keep track of when the payment was accepted, and verify if it was received. You can even cancel a transfer in the event a mistake was made. Now, you can even set up Auto-Deposits, where a security question is no longer needed to complete a transfer.
