Bank of Montreal (BMO) has begun offering unlimited Interac e-Transfer transactions free of charge to all customers with an Everyday Bank plan, as well as those with chequing and Premium Rate Savings accounts that are part of a plan. According to the Head of Personal and Small Business Banking BMO Financial Group, Martin Nel, this offer has been driven by the increased usage of Interac e-Transfers, with customers using it widely to make payments for things such as their rent, bills, and holidays. “The expectations of our customers are shifting as more turn to mobile to bank on the go quickly and seamlessly. Offering free Interac e-Transfer transactions is another example of how we’re providing digital solutions that meet these changing needs, and simplify the lives of our customers,” Martin Nel stated.
RFi Group data supports Nel’s statement that the proportion of customers using Interac e-Transfer is growing, with an increase in both the proportion of Canadians using the payment method in the last 12 months, from 27% in H2 2015 to 30% in H2 2016, and in a typical month, from 9% in H2 2015 to 12% in H2 2016. Therefore, BMO is placed in a very good position to boost customer satisfaction and possibly increase acquisition with the offer of free unlimited Interac e-Transfers.
Source: RFi Group Canadian Payments Council H2 2016