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We have Interac e-mail and SMS transfers in Canada. No need to give out bank details. Just give someone your e-mail or phone number and they can send you mone

by mig39 4y ago

We have Interac e-mail and SMS transfers in Canada. No need to give out bank details. Just give someone your e-mail or phone number and they can send you money via their bank app. They don't even need to know which bank you use.

yohannparis 4y ago
Interac transfer is a nightmare to use. I want to send money or request money from someone? 1. Ask for their info (e-mail or phone number) 2. Login to my banking service (web or app) 3. Create a new contact with 1. 4. If they did not setup auto-deposit: setup a security question 5. Send/Request money (+ security question, if needed) 6. Wait few seconds~minutes for an email/SMS 7. If you did not setup auto-deposit: Click on link provided to open 2. Really...
- mig39 4y ago
  I didn't really see any of those steps as a nightmare :-) But perhaps we have a different level of tolerance. For me, it's convenient.
  - koblas 4y ago
    I deal with a few people who clearly receive regular Interac payments, but still haven't figured out how to associate their email with their bank account. Thus requiring the question. ps. Don't get me started about figuring out how to send automated payments and if you're lucky enough to find a bank that has a broken API to this.
    - dgudkov 4y ago
      Wise (formerly TransferWise) recently started supporting Interac and also has an API for automated payments. I didn't try the API with Interac though.
  - yohannparis 4y ago
    I use interac because I don't have a choice. I don't understand the whole security question plus having to create a user account. Just send the money. If you made a mistake, your fault.
koblas 4y ago
Interac is a network by the bank cartel in Canada, not run by the government. Payments Canada is working on Real-Time Rail as a payment system that is independent from the banks. For example if you send funds to your brokerage they take 24+ hours to arrive, with Real-Time they'll arrive in a minute.

by mig39 4y ago

yohannparis 4y ago

Interac transfer is a nightmare to use. I want to send money or request money from someone? 1. Ask for their info (e-mail or phone number) 2. Login to my banking service (web or app) 3. Create a new contact with 1. 4. If they did not setup auto-deposit: setup a security question 5. Send/Request money (+ security question, if needed) 6. Wait few seconds~minutes for an email/SMS 7. If you did not setup auto-deposit: Click on link provided to open 2. Really...

mig39 4y ago
I didn't really see any of those steps as a nightmare :-) But perhaps we have a different level of tolerance. For me, it's convenient.
- koblas 4y ago
  I deal with a few people who clearly receive regular Interac payments, but still haven't figured out how to associate their email with their bank account. Thus requiring the question. ps. Don't get me started about figuring out how to send automated payments and if you're lucky enough to find a bank that has a broken API to this.
  - dgudkov 4y ago
    Wise (formerly TransferWise) recently started supporting Interac and also has an API for automated payments. I didn't try the API with Interac though.
- yohannparis 4y ago
  I use interac because I don't have a choice. I don't understand the whole security question plus having to create a user account. Just send the money. If you made a mistake, your fault.

koblas 4y ago

Interac is a network by the bank cartel in Canada, not run by the government. Payments Canada is working on Real-Time Rail as a payment system that is independent from the banks. For example if you send funds to your brokerage they take 24+ hours to arrive, with Real-Time they'll arrive in a minute.