Canadians used Interac e-Transfer to make 371.4 million transactions in 2018, according to new numbers provided by the company.
The Canadian interbank network was established in 1984. It also serves as Canada’s debit card system.
Last year along, Canadians sent $132.8 billion CAD via e-transfer and there were about 15.2 million active users per withdrawing cash per month.
The value of Interac e-Transfer averaged out to $357 CAD and transactions under $200 accounted for 60 percent of all transactions. Forty-five percent of transactions were under $100.
In total in 2018, consumers made six billion transactions, which means that’s 160 transactions per Canadian. By the end of the year, there were 25.9 million active debit cards in Canada.
The total value of all debit transactions last year amounted to $251.3 billion CAD.