Interac’s e-Transfer system may soon find itself falling to competition from south of the border following a system-wide shutdown last week that happened due to technical issues, a tech expert and CKNW host said Monday.
It’s only a matter of time before technology south of the border arrives in Canada and creates more competition for Interac in the financial tech sector, said Michael Agerbo, the host of CKNW’s Get Connected,
“There’s going to be a lot more options coming up in the next couple of years,” he said.
“Obviously, the big five banks had a good run here, but there’s a lot of new companies coming up that I think will offer a little more competition.”
He said Apple is one potential competitor, as the company looks at letting customers transfer money through iMessage.
“I think we’re going to see in the next couple of years, a lot of these ‘fintech’ companies become their own virtual banks,” Agerbo said.