Throughout our history at Interac, we’ve helped make it possible for Canadians to conveniently and safely transact with each other. Products like Interac Debit and Interac e-Transfer have helped consumers adapt to a digital age. Online banking, mobile payments, digital verification and other innovations have helped redefine not only how Canadians spend money and do business, but also how they live.
From coast to coast, products like Interac Debit, Interac e-Transfer and Interac Verified bring speed, security and convenience to day-to-day transactions.
What is Interac? Interac e-Transfer, Interac Debit, and Interac Verified by the numbers
Looking at the figures helps show the positive contributions Interac makes in the lives of Canadians and in the Canadian economy. (All figures are for Interac fiscal 2023 unless otherwise stated)
Interac e-Transfer
Interac e-Transfer is one of the fastest and safest ways to send, request and receive money. Canadians used the service to complete 1.16 billion transactions in 2023.* That’s 29 times the population of Canada — or approximately 1,000 Edmontons.
For example, Canadians moved money more than a billion times in a 12-month period thanks to Interac e-Transfer in April 2022. The service showed 11 per cent year-over-year growth in both 2023 and 2022 and 32.6 per cent in 2021, as people used it to do everything from sending money to a friend to share the cost of a gift to leveraging the service’s convenient, affordable features to start and run a small business.
Interac Debit
Interac Debit also continues to grow: The 6.5 billion Interac Debit transactions in 2023 was an increase over 6.2 billion in 2022 and the 5.86 billion completed in 2021. And the service is evolving along with Canadians’ shifts in technological and spending habits. Interac Debit contactless payments made at a point of sale in Canada using a mobile device, such as a smartphone or wearable, reached a total of just over one billion transactions during the 12 months ending July 2023.
Interac Verified
And through our newest service, Interac Verified, we helped people digitally authenticate themselves as they interacted with Canadian organizations — notably the federal government, which enables people to use Interac sign-in service to log in to select online government services.
It all adds up to Interac doing our number one job: helping Canadians transact digitally with confidence.
Finally, to help us achieve all of the above …
Discover more about what Interac is and what we’re doing.
