With more than 105 million transactions processed in 2015, reflecting a value of more than USD 44 billion, e-Transfer tops digital money transfer services in Canada.
In August 2016, over 13.5 million Interac e-Transfer transactions were sent, totalling over USD 5.6 billion, with a gross daily average of USD 181.8 million transferred. These figures represent the highest monthly and daily recorded values since the Interac e-Transfer service was first introduced to Canadians in 2002.
Interac e-Transfer is a digital money transfer service for person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) and business-to-business (B2B) transactions. More than 13.5 million online bank accounts are connected to the Interac e-Transfer platform to send money securely and efficiently from one bank account to another. On average, more than 436,000 transactions are sent per day, with more than 958,000 on peak days. Over 50 % of transfer notifications are now received instantly allowing for immediate access to funds once deposited through online banking. Currently, 65 % of funds are deposited using a mobile device.
Interac has also launched the Interac e-Transfer Bulk Disbursement service, the Interac Token Service Provider (TSP) platform, Interac with Apple Pay, and international licensing capabilities. New enhancements to the Interac e-Transfer platform are also planned for 2017 to meet growing demand for increased functionality.
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