Interac e-Transfer transactions jumped more than 50 per cent in 2017

Canadians used the Interac e-Transfer service in record numbers last year, especially on mobile devices, according to the company behind the popular platform.

More than 241 million transactions, worth a total of more than $92 billion, were processed last year, according to Interac Corp., which recently released some data about the platform’s usage in 2017. That’s a 52 per cent increase in transactions made and a 44 per cent increase in total value over last year’s figures. In addition, 76 per cent of all transactions are deposited on a mobile device.

“The consistent year-over-year growth in usage of the Interac e-Transfer service is a testament to its convenience and reliability among consumers, businesses and financial institutions in Canada who are always looking for ways to send, request and receive money,” said Debbie Gamble, vice-president of digital product and platforms for Interac Corp., in a statement.

In 2017, Interac e-Transfer introduced the Autodeposit and Request Money features, tools that let Canadians register to receive money directly into their bank accounts without the need of a security question and ask for funds owed from anyone in Canada.

“Over the years, we’ve worked to optimize the Interac e-Transfer service to make it easier for our customers to use. Canadians use the service for everyday needs, like paying a friend back for dinner, splitting vacation costs, or sending and settling invoices,” said Gamble.

Approximately one in six e-Transfer transactions are conducted by a business, says Interac Corp. Other 2017 statistics collected by the company are as follows:

  • The Interac e-Transfer service is used on average over 660,000 times a day.
  • The average Interac e-Transfer value is $382 with 62% of all transactions under $200 and 47 per cent under $100.
  • The average Interac e-Transfer user sends three or more transactions per month.

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Former Editorial Director for IT World Canada and its sister publications.

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