Mobile payments have transformed the way Canadians send, receive and spend money. Whether you\u2019re transferring funds to a friend, tapping your phone at checkout or paying for something online, your smartphone can now handle many tasks that once required cash, cards or a visit to the bank.<\/p>
This guide explains the different types of mobile payment services available in Canada, how they work and what to know about security.<\/p>
There are three ways to transfer money through your mobile phone:<\/p>
Interac e-Transfer is one of the most popular ways to send money electronically in Canada. It allows you to quickly transfer funds from your bank account to another person using just their email address or mobile number, directly through your banking app.<\/p>
Here\u2019s how to send money through Interac e-Transfer from your phone in just a few simple steps:<\/p>
Download and open your bank\u2019s mobile app, then sign in using your password, fingerprint or face ID. Most major Canadian banks support Interac e-Transfer directly within their apps.<\/p>
Every banking app is different, but most have an option labelled Interac e-Transfer<\/strong>, Send Money <\/strong>or something similar. You can usually find it in the main menu, the payments tab or the transfers section of your mobile banking app.<\/p> Select an existing contact or add a new recipient by entering their name and email address or Canadian mobile number. Double-check the information before continuing.<\/p> Type in the amount you want to send and choose the bank account the money will come from. You can also typically include a short message or note so your recipient knows what the money is for.<\/p> If your recipient doesn\u2019t have Autodeposit enabled, you\u2019ll need to create a security question and answer. Choose something only the recipient would know, and share the answer with them separately.<\/p> Carefully review the recipient details and transfer amount, then tap Send <\/strong>or Confirm<\/strong>. The recipient will receive a text message or email notification with instructions to deposit the funds. If they use Autodeposit, the money will be deposited automatically into their bank account.<\/p>3. Choose or add a recipient<\/h4>
4. Enter the transfer amount<\/h4>
5. Create a security question (if needed)<\/h4>
6. Review and send the transfer<\/h4>
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