Interac e-Transfer: The Fastest Growing Online Payment Method in Canada

The way Canadians pay online is changing, and one payment method is leading the charge—Interac® e-Transfer.

As more people look for faster, safer, and easier ways to pay, Interac e-Transfer has become the most popular pay by bank method in Canada. But what’s driving this growth? Let’s take a closer look.

Why Interac e-Transfer Is Leading the Market

Data from Payments Canada reveals that Interac e-Transfer has experienced a 328% increase in transaction volume between 2017 and 2022, far outpacing traditional payment methods:

• Cheque usage declined by 45%
• Cash transactions fell by 59%
• Prepaid card transactions dropped by 27%

Meanwhile, Interac e-Transfer is growing rapidly because it offers:

• Instant transactions – No waiting for payments to process.
• Biometric authentication – Consumers can pay securely using their banking app.
• Minimal errors – No need to manually enter banking details.

Request Money vs. Send Money: Which Is Better?

Interac e-Transfer offers two main payment methods:

• Request Money – Consumers receive a payment request and approve it instantly via their banking app. This method reduces errors and keeps shoppers engaged.
• Send Money – The traditional way Canadians use Interac, allowing them to transfer funds securely. Close to 100% of Canadian banks support this feature.

Why Businesses Should Accept Pay by Bank

For online merchants, adding Interac e-Transfer through solutions like Clik2pay means:

• Faster payments – No delays, improving cash flow.
• Lower transaction fees – Compared to credit card processing fees.
• Better customer experience – Secure, seamless, and mobile-friendly.

With its growing popularity and trusted reputation, Interac e-Transfer is the go-to pay by bank solution in Canada. Online businesses that adopt it early can gain a competitive edge by offering fast, secure, and seamless transactions.

Want to integrate Interac e-Transfer for your online store? Visit clik2pay.com to learn more.