Interac reports surge in digital payments adoption

Since mid-March, first-time users of Interac’s e-Transfer service have increased by 43% and the average number of transactions has increased by 9% compared to the same time last year, the Canadian domestic debit card network provider has revealed.

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“While Canadians were using these methods regularly pre-pandemic, a surge in growth of new users on the Interac e-Transfer platform suggests that the shift to digital will last beyond pandemic measures,” it adds.

There has also been a 5% increase in contactless Interac Flash transactions “since the initial spending dip in mid-March”.

“This digital shift isn’t unexpected, but crisis situations compress timelines and Canadians are quickly seeking out secure and convenient digital payment options adhering to physical distancing recommendations,” says William Keliehor, Interac’s chief commercial officer.

“Covid-19 is accelerating a new era in payments driven by the changing needs of Canadians and Canadian businesses, and for many, these convenient ways to pay will have a stickiness factor that will influence a long-term shift in behaviour.”