Interac e-Transfer popular in Canada with over 371 million transactions in 2018

Interac says Canadians are using its e-Transfer service more than ever.

Over the course of 2018, consumers and businesses used e-Transfer for more than 371 million transactions worth a total of $132 billion. Further, this marks a 54 percent increase in the number of transactions and a 45 percent increase in transaction value compared to 2017.

Additionally, Interac says Canadians are using e-Transfer over 1 million times per day on average, and over 35 million times each month. The average user sends more than three transactions per month, with an average transaction size of $357 CAD.

On top of this, Interac reports 80 percent of Canadians using online banking are registered to use Interac e-Transfer, which has over 15 million unique active users every month.

Interestingly, November 30th was e-Transfer’s busiest day in 2018, with over two million transactions sent.

Interac also says almost 76 percent of e-Transfer transactions were deposited on a mobile device.

Ultimately, it looks like Interac’s e-Transfer service is a hit with Canadians, and sees an immense amount of usage. You can learn more about Interac e-Transfer and how Canadians use it here.

Source: Interac