Canada’s Interac EFT Network Sets Record for Debit Card Transactions

Interac, Canada's national electronic-funds transfer network, announced recently it processed more point-of-sale debit card transactions on Dec. 22 and 23 than in any two-day period in its 22-year history. The network handled 31.2 million transactions over the period, 1 million more than the previous two-day record, set in 2005. Unlike debit card volume in the U.S., where POS transactions can be secured by either PIN or signature, all debit card transactions in Canada are secured by PINs. The network also said its busiest day for debit traffic came on Dec. 22, a little earlier than it expected. “This year was unique with the busiest day of the year coming two days before Christmas,” said Interac's Tina Romano in a statement. “Traditionally the last full shopping day before Christmas has yielded the greatest number of transactions.” There are more than 35 million debit cards in Canada generating more than 3 billion transactions a year, according to Interac.