The Competition Bureau of Canada is actively monitoring Interac's commitment to transition its wholesale e-transfer pricing from a volume-based structure to a flat-fee model, effective November 1, 2025. This change is designed to create a more equitable environment for smaller banks and credit unions, which currently face higher costs due to the existing tiered pricing that favors larger institutions.

Under the current system, larger banks benefit from significant discounts on e-transfer fees, as they process a high volume of transactions. In contrast, smaller financial institutions, which handle fewer e-transfers, incur higher costs, thus limiting their competitiveness in the financial services market. The new flat-fee pricing will ensure that all financial institutions pay the same rate, promoting fair competition and innovation.

The Bureau emphasizes that increased competition will ultimately benefit Canadian consumers through greater choice, lower prices, and improved services. The agency will continue to scrutinize Interac's pricing practices to ensure compliance with the Competition Act, which prohibits dominant market players from misusing their power to gain an unfair advantage.

Canadians are encouraged to report any suspected anti-competitive behavior related to Interac's practices using the Bureau's online complaint form. The Bureau's oversight follows concerns raised by the House of Commons Standing Committee on Industry and Technology regarding Interac's business practices.