Interac Go
An app that creates a better experience for money transfers.
Inspired primarily by Cash App in the US, Interac Go not only gives users a streamlined way of conducting their transactions but also makes it easier for users to conduct business transactions with potentially lower merchant fees.
Scenario
User is sending funds to multiple users
- Integration
Compared to the US where there's Venmo, Cash App, and Zelle, the biggest difference is that Interac is directly integrated into the Canadian banking system, whereas the companies in the United States operate independently.
- Transaction Speed
On average, e-transfers happen slower compared to transactions that happen on Cash App, Venmo, or Zelle.
- Fees
Interac currently charges a merchant fee per debit transaction but no fees for peer-to-peer e-transfers.
This app would add user value in two main ways:
Interac would make money by having users would have to pay a small percentage withdrawal fee that takes funds directly to their bank account.
In a fully developed app experience, users will be able to export their transaction history for tax purposes.
The security of the app will be up to the standards of Interac, which have a track record of being very secure.
Yes, a digital receipt will be given to a user who made a transaction with a business account. This receipt will entail information such as the date and amount.
Yes, user accounts are securely linked directly to the bank account associated with their debit card in which they signed up for.
Only the sender needs to have the app. Recipients will receive their funds directly in their bank account.