Interac Drives Canada’s Shift to Digital Payments

Canada’s shift away from cash is being driven not by a retail central bank digital currency, but by widespread use of cards and account-to-account transfers. Founded in 1984, Interac sits at the centre of that transition through Interac Debit and Interac e-Transfer, linking financial institutions, merchants and consumers. Its domestic network matters as Ottawa and the industry seek faster payments, stronger fraud controls and greater national control over critical financial infrastructure.

Payments Canada said on Oct. 2, 2025, that Canadians made 22.5 billion retail payment transactions worth C$12.2 trillion in 2024. Digital methods accounted for 86% of volume, while credit and debit cards together represented 63% and cash 11%. Interac said in June 2026 that its services had enabled more than 8.5 billion secure transactions in 2025. The company is also exploring tokenised deposits and stablecoins, focusing on interoperability with established payment rails rather than building a separate currency system.