EP249 Control Money Movements with Interac

Canadians choose Interac products an average of 18 million times a day to pay and exchange money. Through their world-class privacy, fraud mitigation, governance, and digital identity and authentication expertise, they help keep Canadian customers safe and secure when transacting. Anurag Kar, Associate Vice President of Money Movement Products at Interac Corp., joins the show today to discuss the recent news that Interac surpassed a billion e-transfer transactions in the last 12 months, as well as the overall key findings of the study.

Listen in as Anurag breaks down how e-transfers work and what the “request money” feature is all about. You will learn the percentage of Canadians who are users and have access to Interac products, why so many people are spending more money on experiences these days, and how to cut down on the awkward follow-up when splitting payments with friends.

“A lot of individuals—instead of the awkwardness of chasing down your friends saying ‘hey, can you pay me back?’—they’re using the request money feature.” – Anurag Kar

This Week on Young Money:

  • How Interac is used.
  • The benefit of using e-transfers.
  • Who was involved in the Interac survey.
  • The timeframe in which the Interac survey was conducted.
  • The importance of following up with friends when you split payments.
  • What inflation has impacted in regards to splitting payments.

Key takeaways:

  • Make sure your friends pay you back.
  • Keep track of bills.
  • Understand the services your bank provides.

Connect with Anurag Kar:

Resources Mentioned:

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