Data from Interac shows that Canadians made a record-setting 61.3 million e-Transfers amid the COVID-19 pandemic.
The data shows that Canadian consumers and businesses are unsurprisingly adopting digital methods to spend and receive money during the pandemic.
People who previously weren’t using digital methods are now doing so, as first-time Interac e-Transfer users increased by 43 percent. The average number of transactions increased by nine percent compared to the same time last year.
“This digital shift isn’t unexpected, but crisis situations compress timelines and Canadians are quickly seeking out secure and convenient digital payment options adhering to physical distancing recommendations,” said William Keliehor, the chief commercial officer at Interac, in a press release.
Businesses have also had to adapt to pandemic restrictions and are using more digital payment solutions, as they have been receiving 35 percent more Interac e-Transfer transactions than expected.
Keliehor notes that Canadians are using e-Transfer in several ways such as “sending money to a neighbour for grocery sharing, small food establishments accepting Interac e-Transfer transactions and selling baked goods from the kitchen.”
The data released by Interac looks at transactions that took place in March and April to compare them to numbers from the previous year to understand year-over-year growth.