They *just* launched, and they've been pushing a lot in University towns. I don't know how successful it'll be, but every single one of my friends has WS Cash, and if I ever had to send them cash I'd first ask if they'd use Cash since it's so much simpler than Interac.
Unfortunately, most people say no right now since the WS Cash Card is really weak (so no point in using it) and it takes a couple of days for you to withdraw money from WS Cash to your bank account.
There is no way this catches up to e-transfer in popularity. Everyone in Canada knows about venmo and cashapp and the various other scam versions of e-transfers that people are forced to use in America and they laugh at them for it.
E-transfers are literally the best part about Canadian banking.
They don't need to catch up to e-Transfers to be successful. I'm not sure what their numbers but if they manage to be the app of choice for university students and young adults alone, it would be a massive win for them. I know people who have started to pay their rent using WS Cash, and I'm sure when they graduate they'd like to continue doing so. There's also the Cash Card directly tied to this account, which they get transaction fees from, as well as associated WS Trade/Invest.
I'm not trying to be a shill, I personally wouldn't invest in WS since I think they're incredibly overvalued. But E-Transfer is very dated and has a lot of problems, and there is potential for a competitor to come up and replace it.
