Shakepay Joins Interac E-Transfer Service as Part of ‘Deliberate Evolution’

Shakepay has joined the Interac e-Transfer service as a Participant.

The Montreal-based fintech says the move is part of a “deliberate evolution” from a crypto-focused experience into a regulated Canadian financial platform built to “support everyday money movement.”

Shakepay was eligible to apply to join the Interac e-Transfer network as a FINTRAC-registered Money Services Business and an investment dealer regulated by the Canadian Investment Regulatory Organization, according to chief executive officer Jean Amiouny.

“We’re excited to work with Interac as we broaden access to a payment network Canadians already know and rely on,” Amiouny commented.

“For Shakepay, direct participation helps bring bitcoin and digital asset access closer to the familiar Canadian financial infrastructure people use every day,” the CEO stated.

Interac was this year named the most reputable financial services brand in Canada.

“As the Canadian‑owned payments infrastructure, Interac helps sustain a sovereign ecosystem that keeps money moving securely, strengthening our economic resilience,” says Jeremy Wilmot, CEO of Interac.

And Interac e-Transfer “is a cornerstone of how Canadians move money every day,” Wilmot says.

Over 1.6 billion transactions were processed via Interac e-Transfer last year.

“Welcoming Shakepay into the network reflects how Canada’s payments ecosystem is evolving, bringing in new types of regulated participants while maintaining the trust, security, and reliability Canadians expect,” Wilmot remarked.

In May, Shakepay launched a physical Shakepay Visa Prepaid Card, a follow-up to its Virtual Card, to help users earn bitcoin.

Founded in 2015, Shakepay says it now helps more than 1.5 million Canadians access and use bitcoin through everyday financial products.