Interac e-Transfer

Interac survey shows nearly three quarters of Canadian businesses plan to 'cheque out' in the next five years

Retrieved on:

Tuesday, October 24, 2023

Transfer, Momentum, AVP, Growth, Finance, Business, Interac e-Transfer, Leger, Payment card, Online shopping, Retail, Interac

Nearly three quarters of businesses surveyed in Canada (74 per cent) are making plans to phase out the use of cheques within five years, according to a recent survey from Interac Corp. (Interac).

Key Points:

Nearly three quarters of businesses surveyed in Canada (74 per cent) are making plans to phase out the use of cheques within five years, according to a recent survey from Interac Corp. (Interac).
Faster digital payment methods are taking their place, with half of businesses in Canada accepting Interac e-Transfer® as a method of payment.
Business leaders can learn more about the widespread trust in Interac e-Transfer and how businesses are using it to drive growth by visiting Interac.ca/fasterpayments.
Interac Survey of Financial Decision Makers – The Interac survey was conducted by Leger and Hill+Knowlton Strategies, comprising a national online survey of 101 financial decision makers in Canada from June 9 to 12, 2023.

Canada reaches $11.7 trillion in payment transactions in 2022 - up 7% in value from 2021

Retrieved on:

Thursday, October 5, 2023

Online, Transfer, Lynx, Parent, Fad, EFT, Payment, RTR, ISO 20022, Interac e-Transfer, Interac, ISO, Growth, ABM, Payments Canada, BNPL, Sale, Bank, Cryptocurrency, Online shopping, Financial services, Credit

Almost 9 in 10 (89%) Canadians tapped a payment card at least once a month for a store purchase in 2022.

Key Points:

Almost 9 in 10 (89%) Canadians tapped a payment card at least once a month for a store purchase in 2022.
Online transfer continued to be the fastest-growing payment type with year-over-year volume growth of 11% and value growth of 19% from 2021.
While total payment volume declined by 2% compared to five years ago, total payment value increased by 21% during this same period.
The ISO 20022 message standard supports data-rich payments - more information about the payment traveling with the payment.

Interac survey shows Canadian entrepreneurs are embracing the nine-to-thrive

Retrieved on:

Thursday, September 21, 2023

Transfer, Small business, Face, Interac, Sale, AVP, Interac e-Transfer, Motivation, From, Knowledge, Debits and credits, Online shopping

The Interac survey shows that some take pride in that memorable first sale (22 per cent), while for others it's achieving their first profit (25 per cent) or paying a salary for the first time (23 per cent).

Key Points:

The Interac survey shows that some take pride in that memorable first sale (22 per cent), while for others it's achieving their first profit (25 per cent) or paying a salary for the first time (23 per cent).
The Interac survey extends beyond those with a side hustle to also include freelancers and small business owners with up to four employees.
Only 15 per cent of Canadian entrepreneurs had high confidence in their abilities to manage their business finances from day one.
Tracking payments and using your own money with Interac Debit or Interac e-Transfer can help avoid surprises at the end of the month, from extra fees or forgotten purchases.

CURO Group Holdings Corp. Announces Agreement With DirectPay, Allowing Canadian Customer Payments Through e-Transfer

Retrieved on:

Friday, August 11, 2023

Professional Services, Payments, Apps, Applications, Technology, Software, Finance, Banking, Transfer, Interac, NYSE, Interac e-Transfer, Online shopping

CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), an omni-channel consumer finance company serving consumers in the U.S. and Canada, today announced an agreement with Toronto, Ontario-based payment technology company DirectPay (a Payment Source Inc. owned company), to further enhance CURO’s consumer loan repayment capabilities.

Key Points:

CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), an omni-channel consumer finance company serving consumers in the U.S. and Canada, today announced an agreement with Toronto, Ontario-based payment technology company DirectPay (a Payment Source Inc. owned company), to further enhance CURO’s consumer loan repayment capabilities.
Beginning in August 2023, CURO’s ~250,000 Cash Money and LendDirect customers in Canada will be able to choose Interac e-Transfer® to make highly secure, near real-time payments that will often process in under a few minutes.
CURO already uses Interac e-Transfer to quickly deliver loan funds to consumers and will now extend the same benefits to customers who seek a more secure, faster way to make electronic loan payments.
Interac e-Transfer is accessible by over 99% of Canadian consumers, and is integrated with over 250 different banking and financial institutions.

Canadian gig workers frustrated with how and when they get paid through online platforms and mobile apps despite 51% who depend on them for gig income, reveals new Payments Canada study

Retrieved on:

Wednesday, May 3, 2023

This points to an opportunity to evolve future payment systems for gig workers, including through digital gig platforms.

Key Points:

This points to an opportunity to evolve future payment systems for gig workers, including through digital gig platforms.
Around half (51%) of gig workers have used online platforms or mobile apps to find work: Gig platforms or applications (apps) through which workers source work and coordinate payment include Clickworker, Crowdsource, Fiverr, Uber, TaskRabbit and Etsy.
Gig workers have frustrations when it comes to gig platforms and apps, despite high usage: More than half of Canadian gig workers use online platforms or mobile apps for gig work; however, the gig workforce are divided in their sentiment toward digital gig platforms and mobile apps.
Disconnect between how gig workers are getting paid and how they want to get paid: Interac e-Transfer is the leading method used for gig workers to get paid (43%).

Scotiabank Lays Foundation for Data-Rich Payments across Global Footprint

Retrieved on:

Tuesday, March 21, 2023

Transfer, Canada, European Central Bank, Society, ISO, Central bank, April Parker Jones, Interac, Payments Canada, Investment, Interac e-Transfer, Commerce, SVP, Scotiabank, Bank, SWIFT

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system migration upgrade allows Scotiabank the ability to process ISO 20022 wire payments for clients throughout its global footprint across 26 markets in North America, Latin America, Caribbean, Europe, and Asia Pacific.

Key Points:

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system migration upgrade allows Scotiabank the ability to process ISO 20022 wire payments for clients throughout its global footprint across 26 markets in North America, Latin America, Caribbean, Europe, and Asia Pacific.
SWIFT has led the global migration to ISO 20022 for wire payments, an upgrade that enables payments to become borderless and context-rich.
"This is another in a series of investments in our payments platform, designed to improve customer experiences," said Matthew Parker-Jones, SVP, Products and Operations, Global Business Payments at Scotiabank.
Bringing ISO 20022 to the global financial community is a giant leap forward in modernizing payments – made possible by strong industry collaboration with Payments Canada, SWIFT, European Central Bank, and other global payments partners.

DirectPay enables Interac e-Transfer payments on Xero

Retrieved on:

Tuesday, February 7, 2023

Transfer, Retail Council of Canada, E-commerce, Pressure, Small business, Interac e-Transfer, Interac, XSBI, Mobile phone, Online shopping, Xero

DirectPay, a Xero certified app by Payment Source, allows fast, low-cost bank payments for Xero customers in Canada.

Key Points:

DirectPay, a Xero certified app by Payment Source, allows fast, low-cost bank payments for Xero customers in Canada.
TORONTO, Feb. 7, 2023 /CNW Telbec/ - Payment Source, the Canadian fintech powering digital payments, today announced its integration of Interac e-Transfer® with DirectPay to Xero, the global small business platform.
DirectPay enables e-Transfer as a payment option on Xero invoices with automatic payment matching and reconciliation.
DirectPay makes it easy for Xero customers to get paid by enabling Interac e-Transfer as a payment option on their invoices.

EQ Bank launches in Quebec

Retrieved on:

Thursday, December 8, 2022

Retail, Rate, Global Industry Classification Standard, Toronto Stock Exchange, Equitable Bank, EQ Bank, Research, Bank, Interac, Interac e-Transfer, CDIC, Challenger bank, TSX

TORONTO, Dec. 8, 2022 /PRNewswire/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank, announced it has launched its award-winning EQ Bank digital banking platform into the Quebec market, making it available coast-to-coast to all Canadians.

Key Points:

TORONTO, Dec. 8, 2022 /PRNewswire/ - EQ Bank, powered by Equitable Bank, Canada's Challenger Bank, announced it has launched its award-winning EQ Bank digital banking platform into the Quebec market, making it available coast-to-coast to all Canadians.
EQ Bank was named the top Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists.
EQ Bank is a trade name of Equitable Bank.
Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor

Majority of young Canadians (18-24) worried about keeping up with living expenses: CIBC poll

Retrieved on:

Wednesday, May 18, 2022

A new poll by CIBC finds that the majority (65 per cent) of young Canadians aged 18-24 are worried about keeping up with living expenses.

Key Points:

A new poll by CIBC finds that the majority (65 per cent) of young Canadians aged 18-24 are worried about keeping up with living expenses.
To help young Canadians shape good financial habits as they begin their financial journeys, CIBC has launched its new Smart TM Start benefit, a no-fee banking solution available to clients until the age of 25.
But young Canadians are also worried about keeping up with their peers half (50 per cent) feel they're financially behind other people their age.
When it comes to seeking financial advice, 51 per cent of young Canadians lean on their friends and family for financial advice.

CIBC introduces new recurring and future-dated Interac e-Transfer payments

Retrieved on:

Monday, May 2, 2022

Transfer, Online, Transformation, CIBC, Senior, Interac e-Transfer, Frustration, Commercial bank, Public sector banks in India, Public sector, Personal, Interac, Capital market, Solution, News, Bank, Payment card, Online shopping

With the new feature, clients will be able to schedule Interac e-Transfer transactions up to five years in the future through their CIBC Online Banking or CIBC Mobile Banking account.

Key Points:

With the new feature, clients will be able to schedule Interac e-Transfer transactions up to five years in the future through their CIBC Online Banking or CIBC Mobile Banking account.
"Enabling future-dated and recurring Interac e-Transfer transactions will allow our clients to put their payments on autopilot, saving time and avoiding the frustration of a missed payment," said Chris Sweetland, Senior Vice-President, Payments Strategy and Transformation.
"Clients will no longer need to remember to write cheques or send money for regular payments such as rent or recurring services like babysitting or cleaning."
For more information about CIBC Interac e-Transfer, visit: https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/send-intera...
Interac e-Transfer is atrademark of Interac Corp.
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients.