Bank of Canada extends oversight to Interac's e-Transfer service as digital payments surge

Interac’s e-Transfer system was launched in 2003, allowing Canadian bank account holders to electronically send and receive payments, the Bank of Canada noted. Financial institutions pay a fee to Interac for the e-transfers, and may recoup that cost by charging customers for sending the payment.

The central bank’s decision comes as the use of contactless and digital payments increased during the coronavirus pandemic. Interac said April saw 61.3 million transactions — a monthly record for e-transfers. Last year there were about 40.5 million e-transfers per month in 2019,This advertisement has not loaded yet, but your article continues below.

“While we have seen a continued shift towards digital payments over a number of years in Canada, there’s no doubt that the prevailing pandemic has accelerated this shift — and will likely act as a catalyst in transforming the Canadian payment landscape forever,” Payments Canada president and CEO Tracey Black said in a press release.

Yet any rumours of cash’s demise could be overstated, at least according to the Bank of Canada. A survey by the central bank, Ipsos and Statistics Canada in April found 74 per cent of those who responded had “no plans to go cashless.”

Source: News Formal (newsformal.com)

Thanks to the bank of Canada and other oligarchic powers, home ownership is only for the wealthy or other classes the state likes.

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