This month the Bank of Canada designated Interac e‑Transfer as a prominent payment system which means the payment service will now be regulated by the Bank of Canada and highlights the importance of digital payments for both consumers and businesses, particularly during the pandemic.
In 2019 Interac’s e-Transfer system recorded approximately 486 million transactions worth about $169 billion. Those numbers are expected to dramatically increase in 2020 for both consumers and businesses with the current trends we’re seeing:
E-Transfers can allow businesses to move blocks of money around at a low cost and can provide a cheaper alternative to credit cards and offer much faster funding times then EFT payments. VoPay offers bulk e-transfer for business through its developer friendly API or directly through its payment portal. Learn more here.