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Interac Has Helped Canadians Cope With COVID-19

On behalf of the entire Unity Payments team, we’d like to take this opportunity to wish your business a very successful summer! We know just how tough the past year and change have been. Undoubtedly, the pandemic has wreaked havoc on your business. We’re sure we join you in hoping that this forthcoming summer will see a return to the type of customer support you were used to before COVID-19 impacted our lives.

One thing that the pandemic has certainly done is increased our dependence on credit cards and debit cards. Tap payments, for example, have grown in popularity. Since the decision to raise the tap limit from $100 to $250 in April of last year, consumers have become more accustomed to contactless payments. In particular, the use of Interac in Canada has grown tremendously.

Interac is helping Canadians transact.

As the debit card giant’s website points out, contactless spending hit a high in mid-March of last year due to “COVID-19 bulk buying behaviours”. Interac also points out how its platform has helped Canadians to continue to make purchases from the safety and comforts of their own homes.

“As we spend more time at home practicing social distancing, our shopping habits are migrating online,” notes Interac.ca, “Online delivery of food and goods are enablers of social distancing. Interac Debit for In-App and In-Browser, while still relatively new, have seen double digit growth (since the start of the pandemic) due to demand for merchants that offer in-app food delivery services.”

 Interac is helping Canadians to move money.

Another huge benefit of using an Interac card is the ability it gives you to process e-transfers. Of course, for this activity, the card itself isn’t necessary. However, the service is incredibly valuable. Through Interac e-transfer, Canadians are able to very easily send money to whoever they choose. This has helped both merchants and everyday people alike. Especially with social distancing being necessary, e-transfers have made transferring money easier than ever before.

“Our analysis shows Canadians are using Interac e-Transfer in new ways, and many for the first time,” reports Interac, “Since the onset of rigorous physical distancing regulations associated with COVID-19, the platform saw a 62 per cent increase in first-time Interac e-Transfer users compared to the same time (in 2019). The month of April was also the first time the number of Interac e-Transfer transactions passed 60MM sends in a month, for a total of 61.3MM.”

Interac is helping merchants to keep costs down.

The pandemic has proven to be one of the hardest things a business owner of any industry can face. Arguably, there has never been a time when saving money was more important. Thanks to Interac’s low-cost, store owners have had some help managing through times when business is slow.

“From the gig economy entrepreneur to the small business owner to the large omnichannel retailer, Canadian businesses rely on Interac because our payment and money movement options are low-cost, secure, and based on good funds,” says Interac.

Does your company accept Interac debit cards?

At Unity Payments, we believe that the easiest and most convenient way for merchants to accept debit cards is with the Poynt Smart Terminal. To learn more, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.

Author

Dan Faraldo