Prospera Credit Union and Teachers Credit Union are offering Canadian firsts in money transferring — if you want to send cash to someone, now all you need is a phone number.
The two credit unions, part of Central 1, are the first Canadian partners of Interac’s e-Transfer (previously known as Email Money Transfer, or EMT). Money can be sent from a cell phone via SMS message or a computer via email, and the transactions are completed “almost instantaneously.” Interac and Central 1 are touting this new service as more than a way to send money between friends or relatives, but also as a potential way to make purchases; instead of paying with a debit card at the store, instead just text the payment to the business.
Security precautions are in place; you neede to login every time you want to send money, using a password provided by the credit union. As well, the recipient of money you’ve sent doesn’t see any of your information, not even your phone number; since the credit union is facilitating the transaction, the recipient receives a message from the credit union, not you. Depositing received money takes no time at all — all it requires is clicking on a link in the notification email.
For more information about e-Transfer, click here.