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January 25, 2023

On the web

Clik2pay Announces Bank Payments for Shopify Stores


Payment service provider Clik2pay announced it has developed an industry changing application which allows any Shopify store to seamlessly offer a direct-from-account payment option to customers. When using Clik2pay, payments are completed safely and securely using Interac e-Transfer™, one of the most trusted money transfer systems in the world.

January 11, 2023

On the wires

TransLink Customers Can Now Tap With Interac Debit


"TransLink customers can now pay for transit using Interac® Debit on every bus and at every fare gate throughout Metro Vancouver. This makes TransLink the first transit agency in Canada to fully integrate contactless Interac Debit payments systemwide. As part of TransLink’s Customer Experience Action Plan – TransLink, Interac, Moneris, and Cubic Transportation Systems upgraded more than 5,000 Compass Readers throughout TransLink’s system to make transit payments more convenient. The upgrade allows customers to board transit by using Interac Debit with physical cards or through smartphone digital wallets."

January 9, 2023

On the wires

Canada's Nuvei to Buy U.S. Payments Firm Paya in $1.3 Billion Deal


"Canadian fintech company Nuvei Corp has agreed to buy U.S. payments technology platform Paya Holdings Inc. in a deal valued at $1.3 billion, the companies said on Monday. The deal will expand Nuvei's footprint in the United States as it seeks to build out its payments technology to cater to business-to-business customers."

December 15, 2022

On the web

Bank of Canada Plans 2023 CBDC Consultation as It Moves to Development

Ledger Insights - blockchain for enterprise

“Bank of Canada Governor Tiff Macklem spoke yesterday about a potential Canadian central bank digital currency (CBDC). Next year the bank plans to consult the public on a potential CBDC. Particularly they want to find out what the public’s expectations of a digital currency and what features would be important to them. As part of the central bank’s R&D into digital currency, it is moving from the research phase into the development phase to be prepared if the need arises to issue a CBDC. However, the Governor made clear that a decision on whether to issue a CBDC is up to parliament….Meanwhile, the MIT Media Lab Digital Currency Initiative (DCI) is working with the Bank of Canada as part of its research work. The DCI is also working with the Federal Reserve Bank of Boston on Project Hamilton and the Bank of England.”

November 4, 2022

On the web

The Canadian Federal Government Set to Launch Stablecoins and CBDC

Coinpedia Fintech News

“The rise of cryptocurrencies has significantly threatened global governments worldwide, and Canada is no exception. As a measure to keep control, international governments are working on digitizing their respective currencies through Central Bank Digital Currency (CBDC). According to Canada’s Fall Economic Statement 2022, consultations with relevant stakeholders on CBDC have already begun. As such, market strategists forecast the country to launch a Canadian digital dollar in the near future.”

November 3, 2022

On the web

Paying by Credit Card? Most Businesses in Canada Can Soon Add Surcharges for That

Global News

“Canadians may see a jump in businesses adding credit card surcharges as restrictions on the practice lift this week, though research from the Bank of Canada shows consumers have long been paying extra because of the payment option. A report Wednesday from the Canadian Federation of Independent Business found that 19 per cent of small businesses are considering an added charge for credit card transactions to offset processing fees, while 26 per cent of respondents said they will add a surcharge if their competitors or suppliers do.”

October 14, 2022

On the web

Remitly Makes Visa Direct Real-Time Payments Platform Available to Customers in Canada

GlobeNewswire News Room

“Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading digital financial services provider for immigrants and their families, today announced the expansion of its relationship with Visa by making Visa Direct, Visa’s real-time push payments platform, available to Remitly customers in Canada.[1] According to the World Bank, more than $6.5 billion in personal remittances are sent annually from Canada. Now, Remitly customers in Canada will be able to send funds to eligible recipients in more than 100 countries around the world with a broader array of payout options that will now include Visa cards, in addition to the pre-existing bank account, digital wallet, and cash payout options.”

October 13, 2022

On the web

Payments Canada Delays Real-Time Rail Payment System Launch (Again)


“Payments Canada has delayed the launch of the forthcoming Real-Time Rail (RTR) payment system, saying it needs more time to validate and test the system’s components and end-to-end integration. “We recognize that there will be impacts for the payment ecosystem in Canada,” said Tracey Black, the president and CEO of Payments Canada. It’s the second time Payments Canada has delayed the system’s launch. It first promised to deliver the RTR in 2022, and then rescheduled the launch to mid-2023. No revised timeline was given by Payments Canada as part of its most recent delay announcement. Black said that Payments Canada’s members, stakeholders, and the broader payment industry would need to be consulted first. “We are working closely with these groups to replan and confirm a revised launch date, which we will share publicly once confirmed,” said Black.”

July 28, 2022

On the web

Canadian CIO Strategy Council Publishes Digital ID and Trust Standard Update, Seeks Feedback

Biometric Update

“The National Standard of Canada for digital trust and digital identity fundamentals has reached a periodic review period, leading Canada’s CIO Strategy Council to seek public input. The proposed second edition of the ‘CAN/CIOSC 103-1, Digital Trust and Identity – Part 1: Fundamentals’ would further refine the characteristics and requirements for digital trust and identity, and expand its scope to include additional assurances for relationships between people and other people or organizations. New sections on leadership, planning and support have also been added to support adoption of the standard. The result is that the 40-page first edition has ballooned to 59. Thirteen subsections have been added to the chapter on processes, mostly relating to the relationships mentioned above.”

March 18, 2022

On the web

How the Push to Modernize Canada’s Payment Systems Went Off the Rails

The Logic

“In the days before the December holidays, the organization in charge of Canada’s national payments infrastructure made a disclosure that came as little surprise to the country’s fintech sector: the launch of a new national system that would let businesses process consumer payments instantly would once again be delayed. Payments Canada, a non-profit organization that reports to the government, started laying the groundwork for the project, called the Real-Time Rail, in 2015 as part of an ambitious effort to modernize Canada’s financial plumbing for the digital age. The tech industry in particular welcomed the initiative, which it believes will drive innovation by making it easier and cheaper for fintechs and other companies to develop new services for consumers.”

August 4, 2021

On the wires

Interac and Many of Canada’s Leading Financial Institutions Enhance Interac E-Transfer to Introduce Instant Digital Payments for Businesses

“Today, Interac Corp., with the support of 13 leading Canadian financial institutions, is launching Interac e-Transfer for Business, an innovative solution that builds on the widespread adoption of the Interac e-Transfer service. The solution enables real-time digital payments to personal and commercial bank accounts with confirmation of funds received within seconds.”

July 12, 2021

On the web

Canada’s Small Businesses Pin Hopes on Real-time Payments

American Banker

“Most real-time payment use cases focus on digital commerce or back-office needs. In Canada, there’s also a growing desire to support faster payments for local businesses. This demand stems from the “shop local” trend that grew during the pandemic, according to research from Interac, the Canadian debit network, which is developing a real-time rail with Payments Canada, the Ottawa-based organization that oversees the nation’s payment system. The target date for launch is late 2022.”

March 2, 2021

On the wires

Payments Canada Selects Interac Corp. As the Exchange Solution Provider for Canada’s New Real-time Payments System, the Real-Time Rail

“Payments Canada announced today the selection of Interac Corp. as the exchange solution provider for Canada’s real-time payments system, the Real-Time Rail (RTR) . This announcement follows a selection process that included participation from the Bank of Canada. The exchange solution provided by Interac will allow Payments Canada members participating in the RTR to send and receive RTR payment messages. The partnership will leverage Interac’s existing infrastructure in Canada’s payment ecosystem and its existing connectivity to nearly 300 financial institutions. To enable the settlement of RTR payments in real-time, the exchange solution will interface with the clearing and settlement solution being provided by Mastercard’s Vocalink .”

December 10, 2020

On the wires

Scotiabank 1st to Offer Real-Time Payments in Canada through Interac e-Transfer® for Business

“Scotiabank is the 1st financial institution in Canada to offer real-time payments for all business banking customers using flexible routing options like an account number or email address, using Interac e-Transfer® for Business. This, along with data-rich remittance information will make it easier for businesses of all sizes to pay one another and reconcile transactions in real-time.”

November 10, 2020

On the wires

Interac Collaborates with Walmart to Expand Debit Payment Options across Digital Shopping Experience

“Interac Corp. today announced that it is working with Walmart Canada to offer its customers enhanced methods of paying with debit online and in-store. With a target timing of Spring 2021, Walmart shoppers will soon be able to checkout using Interac® Debit for In-App and In-Browser Payments on proprietary wallets. Walmart has also begun rolling out Interac Flash® at point-of-sale terminals in-store, giving customers the option to pay with the secure tap of a debit card or smartphone.”

August 11, 2020

On the wires

Bank of Canada designates Interac e‑Transfer as a prominent payment system

“Bank of Canada Governor Tiff Macklem has designated Interac e‑Transfer ® as a prominent payment system under the Payment Clearing and Settlement Act, effective August 10, 2020. This brings Bank oversight to this payment system and ensures it remains a safe, viable and effective method of payment for Canadians. The Bank regularly monitors the evolution of new and existing payment systems to determine whether they warrant oversight because of their potential to cause systemic or payment system risk. Designating Interac e‑Transfer as a prominent payment system means it must adhere to the Bank’s risk management standards, including having risk controls in place to ensure continued resilience.”

June 15, 2020

On the wires

Payments Canada Publishes ISO 20022 Messages for Lynx, Canada’s New High-value Payments System

“Payments Canada today announced the availability of ISO 20022 messages for Lynx, Canada’s new high-value payments system.  With the publication of ISO 20022 messages for Lynx, system participants can start preparing their existing applications to leverage the value of ISO 20022. Likewise, vendors who support Canada’s payments ecosystem can use the published messages to update their applications and develop new services for Lynx participants and the wider ecosystem. The ISO 20022 messages for Lynx also support Canadian financial institutions preparing to meet SWIFT’s ISO 20022 migration date for cross-border payments, expected to roll out at the end of 2022.”

April 20, 2020

On the wires

eBay Continues to Expand Its Management of Payments to Australia and Canada

“As eBay continues to modernize its marketplace and create a more streamlined experience for buyers and sellers, the company is expanding its management of payments to Australia and Canada later this year. Australia and Canada are the fourth and fifth countries to offer eBay’s new payments experience, after the U.S., Germany and the U.K. “By managing payments on our platform, we are enhancing the eBay experience by breaking down barriers and removing complexities for our customers,” said VP of Global Payments Alyssa Cutright. “We’re excited to roll out the new experience globally this year, with Australia and Canada joining our growing roster of countries.”

April 17, 2020

On the web

Online Cannabis Marketplace Dutchie Now Taking Visa, Mastercard Payments In Canada


“In an exclusive conversation online cannabis marketplace operator Dutchie revealed it has been quietly processing Visa and Mastercard payments in Canada since Thursday, April 9, enabled by a partnership with secure payment solutions provider Merrco. While cannabis is federally legal in Canada – unlike the U.S., implementing digital and/or contactless payment solutions continues to pose a challenge for most small businesses. Dutchie is among one of the first players in Canada to successfully launch Visa and Mastercard payments processing.”

April 6, 2020

On the web

Card Networks Up Canadian Contactless Transaction Limits To Limit Physical Contact

Digital Transactions

“Contactless payments already capture a big share of point-of-sale purchases in Canada, and that share is sure to grow with recent announcements by Visa Inc. and Mastercard Inc. that they are raising their contactless transaction limits to C$250 to limit the handling of cards that could spread the coronavirus, according to news reports. The limits had been C$100. “With safety and social distancing top of mind for all Canadians, today’s announcement is one way we’re helping cardholders to shop easily, securely and with more peace of mind during this difficult time,” Sasha Krstic, president of Mastercard in Canada, said in a statement Thursday.”

February 3, 2020

On the web

In Canada, Fast-Growing Debit Gets Further Impetus Via a New Rule That Opens More Acceptance Venues

Digital Transactions

“A new rule took effect this week in Canada that is expected to enable more debit card transactions by opening up venues such as buses, trains, parking meters, and vending machines for acceptance.  The regulation, called Rule E5, comes from Payments Canada, the country’s clearing-and-settlement operator, and amends a prior requirement that merchants maintain “consistent” online channels for debit payments. That rule made it virtually impossible for certain mass-transit operators and other venues to accept debit cards because such connectivity was impractical.”

January 15, 2020

On the web

Opinion: Canada’s Sub-standard Payments System Is Only Supporting the Incumbent Banks, Not Canadians

The Globe and Mail

“As a course correction, Finance Canada must seek legislative amendments to the Canadian Payments Act authorizing paytech companies as eligible members of Payments Canada and enshrining competition as a stated public policy objective for the payments system. Furthermore, the Minister of Finance should issue a directive to Payments Canada requiring the completion of the proposed real-time payments system no later than the fourth quarter of 2021. Canadians have waited far too long to reap the benefits of an efficient and competitive payments system and cannot afford to wait any longer.”

December 9, 2019

On the web

Electronic Payments in Canada Accounted for 73 Percent of All Transactions in 2018: Report


“Electronic payments accounted for 73 percent of all transactions made in 2018, according to a recent report from Payments Canada. The newly released 2019 report analyses the 21.1 billion payment transactions that Canadians made in 2018 that totalled $9.9 trillion in value. Cash payments only made up 21 percent of all transactions. The report also reveals that contactless payments grew 30 percent year-over-year from 2017-2018. There were a total of 4.1 billion contactless payments made through cards or mobile devices.”

October 31, 2019

On the wires

Global Payments Announces Strategic Partnership With Desjardins Group in Canada

“Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, today announced an agreement with Desjardins Group, the leading cooperative financial group in Canada, to acquire its existing merchant acquiring business and portfolio of approximately 40,000 merchants. As part of the transaction, Global Payments will enter into an exclusive 10-year marketing alliance agreement under which Desjardins will refer members to Global Payments for payment technology and acquiring solutions.”

August 14, 2019

On the wires

REPAY and Visa Canada Announce Partnership to Expand Online Payment Acceptance in Canada


“Together, the companies are making it easier for Canadian lenders and finance companies to accept debit cards as a form of repayment in a card-not-present environment. Visa has made debit card payments a viable alternative to cheques and ACH. Paying off debt with a Visa debit card has major advantages for both the consumer and for the lender – for consumers, debit card payments offer zero liability*, making them a safe and secure payment method.”

May 10, 2019

On the web

Younger Generations: a Driving Force in Changing Payments

Payments Canada

“From the use of automatic and invisible payments to the popularity of apps for tracking spending, a new study released today by Payments Canada reveals that Millennials and Gen Z yearn for easier, more convenient options to meet their changing purchase and lifestyle patterns. These payment preferences should strike a chord with Canadian businesses. The 18-34 age group is more likely to choose an online retailer based on how easy it is to checkout (73 per cent compared to 58 per cent average). Nearly half say they are more likely to make a spontaneous purchase because their payment data is stored within an app or online. And they prefer to use ride hailing apps rather than a taxi because the payment process is simpler (50 per cent compared to 29 per cent average).”

May 2, 2019

On the wires

IBM Canada Joins Payments Modernization Journey As Lead Technology Partner for Canada’s New High-value System

Payments Canada

“Payments Canada announced today the selection of IBM Canada as the lead technology partner for Canada’s new high-value payments system, Lynx. IBM Canada will provide combined hosting and system integration services for end-to-end delivery and system operations. This involves delivering security expertise, supporting the new system launch, including the cutover from Canada’s current Large Value Transfer System to Lynx, oversight of SIA, the application provider for Lynx , and daily operations.”

April 4, 2019

On the web

80 Percent of Merchants in Canada Accept Apple Pay


“During the company’s Show Time event keynote, Apple CEO Tim Cook revealed that 80 percent of retailers in Canada accept Apple Pay. In comparison to other countries, Canada stands in the middle of the pack. In the U.S., for instance, 70 percent of merchants accept the mobile payments platform, while in Australia an impressive 99 percent of retailers take advantage of the platform.”

March 6, 2019

On the wires

Alipay and SnapPay Enable Chinese Mobile Payments at FoodyMart

“SnapPay, Inc., a leading provider of secure, cross-border payment solutions, and Alipay, the world’s leading digital payment platform, operated by Ant Financial Services Group, today announced a collaboration that will see Canadian-Chinese Grocery Chain, FoodyMart, accept Alipay’s digital payment platform, enabling consumers to pay in Chinese currency, at all locations, including their newly re-designed, “Alipay Experience“ store in Richmond, BC that provides Chinese consumers with a dedicated check-out experience. The grocery store brand originates from the Greater Toronto Area and most recently expanded to the Vancouver area, adding to their original 7 Ontario locations.”

February 6, 2019

On the web