Interac shopping data shows a spike in consumers and businesses choosing digital payments as the economy begins to reopen.
A record-setting 61.3 million Interac e-Transfer transactions took place in April, according to new data released Friday by Interac Corp.
“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, Chief Commercial Officer, Interac Corp, in a news release. “COVID-19 is accelerating a new era in payments driven by the changing needs of Canadians and Canadian businesses, and for many, these convenient ways to pay will have a stickiness factor that will influence a long-term shift in behaviour.
“Businesses and consumers are discovering new ways to transact and manage their finances: from sending money to a neighbour for grocery sharing, to the small food establishments accepting Interac e-Transfer transactions and selling baked goods from the kitchen. When it comes to small businesses, these behaviour changes are helping those that, now more than ever, need efficiencies and cost-savings to power operations, serve customers, and compete in a digital economy.”
Since mid-March, first-time Interac e-Transfer users increased by 43 per cent and the average number of transactions increased by nine per cent compared to the same time last year, said Interac.
Since mid-March, businesses have been receiving 35 per cent more Interac e-Transfer transactions than expected, it added.