Payment Radar
Shakepay Joins Interac e-Transfer Network, Expanding Canadian Merchant Funding Options
Shakepay, a Montreal-based fintech and crypto platform, has officially joined the Interac e-Transfer network as a Participant.
Payment RadarOriginal source: Interac · linked publisher media; native reuse rights require confirmation 
What changed
Shakepay, a Montreal-based fintech and crypto platform, has officially joined the Interac e-Transfer network as a Participant. This is Canada’s bank-to-bank email/mobile money transfer service, operated by Interac Corp. The move allows Shakepay to send and receive these transfers, expanding the network’s reach and providing Canadians with more options for everyday money movement. Shakepay’s participation is supported by its regulatory status as a FINTRAC-registered Money Services Business and a CIRO-regulated investment dealer. FINTRAC is Canada’s Financial Transactions and Reports Analysis Centre, which enforces anti-money-laundering reporting rules for money-services businesses. This development is part of the evolution of Canada’s digital payments ecosystem, bringing new types of regulated participants into the network.
Why a business should care
Canadian merchants who accept Interac e-Transfers may see an increase in transaction volume from Shakepay users. This expands the pool of sources for e-Transfer payments, potentially increasing funding volume and customer reach. It also reflects the evolving digital payments landscape in Canada, where fintechs and crypto platforms are integrating with traditional payment infrastructure. Merchants should be aware of this change to optimize their payment acceptance strategies and potentially tap into a new customer base.
Who it affects
Canadian merchants who accept Interac e-Transfers, particularly those in e-commerce, retail, and small business sectors. Shakepay users who want to use Interac e-Transfers for everyday payments are also directly affected.
What to consider doing
Contact your payment processor to confirm your system is configured to receive Interac e-Transfers from all current participants, including Shakepay.
Uncertainty and risks
Low risk. The news is a positive development for the payment ecosystem, expanding access and regulation. There are no immediate risks to merchants, but they should monitor Shakepay’s integration and any potential changes in transaction processing or fees. Shakepay is now a Participant in the Interac e-Transfer network, allowing it to send and receive e-Transfers. This expands the network’s participant base and provides Canadians with more options for digital money movement.
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