Interac e-Transfers Grew 54% in 2018, with Nearly 76% Deposited via Mobile

According to Interac Corp., new data released today has revealed 2018 saw huge growth for its e-Transfer service in Canada.

Here is some 2018 data sent by Interac to iPhone in Canada via email:

• Over 371 million Interac e-Transfer transactions, worth over $132 billion
• Volume increase of 54%; 45% increase in value versus 2017
• Interac e-Transfers happen on average over 1 million times per day—over 35 million times a month
• Approximately 1 in 6 transactions are conducted by a business

Interac says the average user sends over three transactions per month, while November 30, 2018, saw the single highest day with over 2 million transactions sent. There are 15.2 million unique active users each month, while 80% of Canadians using online banking are registered to use Interac e-Transfer.

When it comes to mobile, close to 76% of Interac e-Transfer transactions are “deposited on a mobile device.” As for transaction amounts, 60% of all e-Transfers are under $200, while the average transaction size for an e-Transfer is $357.

The company said in a statement, these record numbers for Interac e-Transfer are “showcasing the popularity of the platform as a convenient and reliable payment solution among consumers, businesses and financial institutions in Canada.”