Interac

Interac plans to introduce a flat fee for e-transfers, replacing its current volume-based pricing model. Smaller institutions currently pay more per transfer than larger ones, prompting scrutiny from the Competition Bureau and parliamentary committees.

Conservative MPs revealed Interac’s fee structure in late October, sparking concerns over competition fairness in financial services. CEO Jeremy Wilmot will testify before Parliament as the Bureau investigates Interac’s pricing practices. Critics, including fintech CEO Daniel Eberhard, argue the tiered model stifles competition. While the flat fee proposal is under review, MPs call for broader systemic reforms.

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In a recent survey by Interac, a growing trend dubbed the ‘nine-to-thrive’ effect is unfolding among Canadians.

The survey reveals that an increasing number of Canadians are embracing side hustles for added income, with a surprising 55 per cent finding their ventures more fulfilling than anticipated. Notably, 76 per cent intend to continue their side hustle alongside their primary employment, while 17 per cent plan to transition it into a full-time career.

Interac e-Transfer® plays a vital role, with 62 per cent of entrepreneurs leveraging the service for business-related payments, contributing to a 25 per cent transaction volume growth YoY.

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