Canadians Sent Record 158 Million Interac e-Transfers in 2016

According to Interac, 2016 saw a record number of e-Transfers sent in Canada, with over 158 million made, for a total of over $63 billion transferred, for an average of $408 per transaction. The volume of transfers is up nearly 50 per cent compared to a year ago, which stood at 105 million transfers.

Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation, said in a statement, “Interac e-Transfer is leading secure, real-time money movement innovation in Canada,” adding “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

Interac e-Transfers offer real-time capabilities with 65 percent of transfer notifications received instantly, says the company.

Also, mobile is becoming a reality, as 2016 saw close to 70 per cent of Interac e-Transfer notifications received on a smartphone or mobile device. Last year, RBC said over 50% of Interac e-Transfers happened on mobile.

More features are coming in 2017, says Interac, such as the ability to:

  • Request money: Send requests for money via Interac e-Transfer.
  • Recurring payments: Schedule future dated or recurring Interac e-Transfer transactions and money requests (e.g. 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.
Canada’s big banks already have Interac e-Transfers tied into their iOS apps, and many banks are dropping fees for sending money, such as TD, BMO and RBC.

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • OliChabot

    as they are taking 1$ per transaction, that means they made 158M$ only in this segment of their business ? Impressive !

  • xeronine992

    There’s no way interac is getting $1 each time. The rate is apparently determined by volume. Given that 1) merchants only pay about 6 cents to complete an in-store debit transaction, and 2) RBC doesn’t even charge for interac eTransfers, I’d wager on much lower.

  • Joe

    I send e-transfers all the time but never pay a fee. My TD account has no $1 fee. Tangerine offers the same. I still agree that banks are making too much money on this stuff, but some banks do offer a way out.

  • OliChabot

    well, I have to pay 1$ per transfer via email or phone number if I use Interac transfer with Desjardins ? are we talking about the same thing ?

  • RBC Customer

    Likewise with our RBC account. We are always transferring money into our kids account and have never paid a fee.

  • Daniel Bley

    It’s up to the bank to charge it or not. When I was with Scotia Bank, they charged me 1$ for every interact transfer. I don’t pay anything with RBC now.

  • goosemcgoose

    How about making their service more comparable to modern money transfer systems like in China where all I have to do is scan a QR code and enter the amount I want to transfer. None of this secret questions and answer BS.