Report: Consumers and businesses made over 241 million Interac e-Transfer transactions in 2017

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Canadian interbanking giant Interac has released its e-Transfer stats for 2017, revealing that 241 million e-Transfer transactions were performed last year.

A total of $92 billion CAD was transferred through Interac e-Transfers. The company said that these figures represent a 52 percent increase in volume and a 44 percent increase in total value, in comparison to 2016’s numbers.

There were approximately 158 million e-Transfer transactions in 2016, with approximately 13.5 million e-Transfers completed in August 2016.

“The consistent year-over-year growth in usage of the Interac e-Transfer service is a testament to its convenience and reliability among consumers, businesses and financial institutions in Canada who are always looking for ways to send, request and receive money,” said Debbie Gamble, vice president of digital product and platforms at Interac, in the same February release.

The e-Transfer service is used approximately 660,000 times each day, on average. The average amount transferred is $382. Approximately 62 percent of all transaction are under $200, while 47 percent are under $100 in value.

Average users send approximately three or more e-Transfers each month, and 7.4 million active users transfer money every month.

Additionally, one in six e-Transfers are conducted by a business-grade user, and 76 percent all transactions are deposited on a mobile device.

According to a 2017 study conducted by Navigator and Interac, e-Transfer is the most popular digital P2P money service in the world. The Royal Bank of Canada (RBC) was the first Canadian bank to offer free Interac e-Transfers.

This article was originally published on MobileSyrup

Sameer Chhabra

Sameer Chhabra

Sameer Chhabra is a staff writer at MobileSyrup.