According to new data released by Interac, payment transaction records show that today, more than ever, Canadian consumers and businesses are adopting digital methods to spend, send, and receive money. A record-setting 61.3 million Interac e-Transfer transactions took place in April 2020.
Interac data shows that since COVID-19 was declared a pandemic, Canadians have increasingly opted for digital solutions over cash and cheques – and many for the first time. Since mid-March 2020, first-time Interac e-Transfer users increased by 43% and the average number of transactions increased by 9%, compared to the same time in 2019. 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.
The shift away from cash and cheques is also reflected in the growth of Interac Debit for in-app and in-browser payments since mid-March 2020 and the 5% increase in contactless transactions (Interac Flash) since the initial spending dip.
Canadian businesses are also shifting to digital payment solutions for everyday transactions like paying suppliers, or small businesses using the platform to accept payments in place of cash or cheques.
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