COVID-19 accelerating the move to digital payments across Canada: Data released from Interac
May 23, 2020Interac shopping data shows spike in consumers and businesses choosing digital payments as economy begins to reopen
According to new data released by Interac, payment transaction records show that more Canadian consumers and businesses are using digital methods to spend, send and receive money. Since mid-March, businesses have been receiving 35 per cent more Interac e-Transfer transactions than expected.
Unsurprisingly, since COVID-19 was declared, Canadian consumers have increasingly opted for digital payment over cash or cheques – and many for the first time. Since mid-March, first-time Interac e-Transfer users increased by 43% and the average number of transactions increased by 9% compared to the same time last year. While Canadians were using these methods regularly pre-pandemic, a surge in growth of new users suggests that the shift to digital will last beyond pandemic measures.
