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Canadian Tech in 100 Words

 

Interac

Interac Expands e-Transfer Service, Welcomes New Participants

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Interac, a key player in Canada’s financial landscape, unveiled expanded access to its Interac e-Transfer® service today.

Initially available to federally regulated banks and provincially regulated credit unions, the service now extends to FINTRAC-regulated Money Service Businesses (MSBs) and investment dealers regulated by CIRO.

Wealthsimple, a leading Canadian digital financial services provider, is set to be the inaugural participant under this extended access, offering over 280 financial institutions the ability to facilitate seamless money transfers for their clients.

The move marks a significant leap in enhancing accessibility and convenience within the Canadian financial sector.

Want to know more? Check out the source code on Fintech.ca.

Economic Shift: Side Hustles Alter Canada’s Work Landscape

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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.

Want to know more? Check out the source code here.