Canadians used digital money transfer service Interac e-Transfer more than one million times per day last year.
In a news release on Tuesday, Interac said it experienced record numbers in 2018 – more than 371 million transactions worth a total of more than $132 billion, representing a 54 per cent increase in volume and a 45 per cent increase in value over 2017.
“The continued adoption and significant year-over-year growth of Interac e-Transfer demonstrates Canadians’ preference for convenient digital money transfer services like Interac e-Transfer as an alternative to cash or cheque,” said Anurag Kar, director of digital push payments at Interac, in a statement.
The service was used on average over one million times a day and over 35 million times each month with the average user sending over three transactions per month, with an average transaction size of $357.
Interac also said:
- 80 per cent of Canadians using online banking are registered to use Interac e-Transfer, with over 15 million unique active users every month;
- Nov. 30 was the platform’s single busiest day, with over two million transactions sent;
- Almost 76 per cent of Interac e-Transfer transactions are deposited on a mobile device;
- Over four million users are registered for Autodeposit, a feature that enables funds to go directly into a recipient’s bank account without the need to answer a security question;
- The Request Money feature, which allows Canadians to request money from a recipient, was used nearly one million times;
- Businesses sent over $465 million using our Interac e-Transfer Bulk Disbursement feature – allowing businesses to send bulk payments in a streamlined, secure, and cost-efficient way in a single file upload from online or mobile banking.
– Mario Toneguzzi