Do Interac email transfers not work in the US? They're pretty much the same thing: send money to an email recipient who then clicks a link to deposit it in their account. I'm surprised that this is big news, and that it seemingly doesn't exist down south.
Interac is an exclusively Canadian payment-processor. The American equivalents are PLUS and Cirrus--who could have implemented this long ago, but for some reason haven't.
I didn't realize that. The ubiquity of Interac around these parts, and its deep integration with all things financial, led me to believe it was an international institution.
After spending the last week trying to find a cellphone plan for my mother, seeing a Canadian institution that mostly works and is mostly good for the consumer is a welcome breath of fresh air.
Only if you're still tied to the notion that prices are proportional to costs. e-transfers are more convenient for consumers, so they can charge more for them.
I see it as being incentivized to waste relatively large amounts of their time and money printing, shipping, and processing my checks for stupid small amounts like $23.46.
But you're right, I'm sure that for every person like me there are many who just pay the $1.50 for the convenience.
Email money transfers? I've been doing them through my bank for years. It's incredibly simple.
I guess this says something about the state of innovation and technology; there are gaps, even in the mainstream between neighboring countries whose cultures are nearly identical. By finding those technological gaps, you can impress a lot of people.
