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December 11, 2024
On the web
Loop Launches Canada’s First Multi-Currency Credit Card for SMEs
Business Wire
"Loop, the global financial platform used by thousands of Canadian businesses to manage their international finances, is thrilled to announce the launch of the Loop Global Visa Card - Canada’s first card tailored specifically for small and medium-sized enterprises (SMEs) that need to manage cross-border purchasing."
December 6, 2024
On the web
Circle is the First Stablecoin Issuer to Meet New Canadian Listing Rules
Business Wire
"Circle Internet Group, Inc. announced that its regulated subsidiary is the first stablecoin issuer to commit to comply with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCAs) requirements. This facilitates Circle’s U.S. dollar-denominated stablecoin, USDC, being offered on registered crypto asset trading platforms in the Canadian market."
November 26, 2024
On the wires
Vault Expands Payment Capabilities by Launching Interac E-Transfers, Continuing to Build Canada’s Most Comprehensive Business Banking Platform
Business Wire
"Vault, a digital financial platform for Canadian businesses, today announced the launch of Interac e-Transfer payments, a heavily-requested feature that will significantly expand the platform’s payment capabilities. This feature will allow Vault customers to send payments via Interac through the Vault platform."
November 20, 2024
On the web
Beacon Launches Digital Wallet for Immigrants Starting New Lives in Canada
Fintech
"Toronto’s Beacon has unveiled Beacon Money, a digital wallet designed to empower immigrants as they transition to life in Canada. This addition to the MyBeacon Super App aims to simplify financial integration for newcomers, enabling them to confidently prepare for their journey and thrive upon arrival."
November 1, 2024
On the web
More Than 2.5 Million Canadians Only Make the Minimum Payment on Their Credit Cards, Says New Research From Fig Financial
Business Wire
"Fig Financial Inc., Canada’s premier personal loan provider, released its Financial Challenges Barometer, which sheds light on the pressing issues faced by Canadians in managing rising costs and debt, underscoring the essential need for accessible financial options."
October 8, 2024
Top Post
Canada’s Interchange Cuts Add Fuel to the Move Beyond Card Payments
American Banker
The Canadian government is about to cut payment fees for small businesses by up to 27%, adding to international pressure on credit card companies to reduce what they charge users and find alternative sources of revenue. [Subscription Required]
September 23, 2024
On the web
Canada Moves Away From Retail CBDC, Shifts Focus to Broader Payments
Coindesk
"Canada has announced it is shifting its focus away from a retail central bank digital currency but implied that it was prepared if the people of the nation decide such a product is needed in the future."
July 29, 2024
On the web
Majority of Canadians Alter Payment Habits Due to Fraud Concerns — 13 Per Cent Affected by Payment Fraud in the Past Six Months
Payments Canada
"More than one in 10 Canadians have experienced payment fraud in the past six months, indicating similar year-over-year patterns (13 per cent in 2024 compared to 14 per cent in 2023), according to a new study from Payments Canada."
June 21, 2024
On the web
Changes to the Canadian Payments Act Receive Royal Assent
Payments Canada
"The proposed changes to the Canadian Payments Act (CP Act) to expand Payments Canada’s membership have received Royal Assent, the final step required for a bill to become law. The changes were included in the 2023 Fall Economic Statement Implementation Act, also known as Bill C-59, and will come into force on a day/days to be set by the Governor in Council."
April 19, 2024
On the web
Budget 2024: Canada’s Consumer-Driven Banking Framework
Canada
"Consumer-driven banking, also known as open banking or consumer-directed finance, refers to frameworks that allow consumers and small businesses to securely transfer their financial data through an application programming interface (API) to approved service providers of their choice."
April 16, 2024
On the web
Mastercard and Fintech Vopay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely With Mastercard Move
Mastercard
"Mastercard and VoPay announced a strategic partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers."
April 15, 2024
On the web
Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Aid Money Movement for Canadians with Mastercard Move
Fintech Finance
"Responding to the ever-growing need to move money seamlessly, Mastercard and VoPay announced a strategic partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers."
March 29, 2024
On the web
Payments Canada Declares Support for HVPS+ ISO 20022 Payments Interoperability Charter
Payments Canada
"Payments Canada is actively involved in promoting harmonization of the ISO 20022 message usage for high-value payment systems globally and is declaring its support for the High-Value Payments Systems Plus (HVPS+)."
March 28, 2024
On the web
Opinion: Canadian Banking Needs More Competition
Financial Post
"Competition and product innovation are hindered by Canada’s outdated financial infrastructure, which lags the real-time payment settlement and consumer-driven banking that have measurably improved outcomes for consumers in all other G7 countries."
November 15, 2023
On the web
Canadians Report a Love-Hate Relationship With Cash, Reveals New Payments Canada Study
Payments Canada
"While cash use has significantly declined over the last six years from 2017-2022, with a 59 per cent decrease in the volume of cash payments and a 41 per cent decrease in the value of cash purchases, new research reveals that Canadians have no intention of ditching their physical wallets just yet."
November 2, 2023
On the web
Payments Canada Selects Nexi To Enhance Critical Resilience of RTGS
Nexi Group
"Payments Canada is now using Nexi’s RTGS Extreme Contingency Solution, specifically designed to ensure the reliability and resilience of the Lynx system."
October 9, 2023
On the web
Bank of Canada Identifies Global Barriers in Developing Inclusive CBDC
CoinGeek
"The Bank of Canada has highlighted several challenges standing in the way of banking regulators looking to launch a central bank digital currency (CBDC) amid rapid digitization."
October 5, 2023
On the web
Nuvei Launches Upgraded Solution for B2B Payments in Canada
GlobeNewswire News Room
"B2B businesses working with Nuvei are now able to offer their customers in Canada a holistic payments solution including Card-Not-Present and account-to-account processing capabilities, Level 3 processing and Nuvei’s proprietary accounts receivable (AR) solution, directly integrated with their ERP system."
September 5, 2023
On the web
Bank of Canada Taps EvolutionQ to Explore Impact of Quantum Computing on Digital Dollar
BetaKit
"Quantum security startup EvolutionQ is contributing to a Bank of Canada research project involving quantum-safe cybersecurity technologies for digital currencies."
August 14, 2023
On the wires
Coinbase Accelerates International Expansion with Official Launch in Canada
Businesswire
"Today, Coinbase announced its Canadian expansion with a series of new offerings that demonstrate its commitment to Canada as a priority Go Deep market."
August 11, 2023
On the web
Canadian Bank’s Report Reveals Drawbacks To CBDC Adoption
Bitcoinist.com
"Central Bank Digital Currencies (CBDCs) have been gaining prominence around the world over the last couple of years and Canada has not been left out. However, unlike some countries where these central bank-issued digital currencies seem to be picking up steam, Canadians have not been as welcoming."
June 27, 2023
On the web
PayPal Expands Passkeys to Canada
News Wire
"PayPal helps customers shop and pay with peace of mind by helping to protect their privacy, money and purchases every step of the way. Starting today, the company is expanding passkeys to eligible customers on Apple devices and Google Android devices in Canada."
June 14, 2023
On the web
Rollout of Canada's Real-Time Rail Payment System Delayed Again as Project Undergoes Second Review This Year
BetaKit
"Payments Canada has announced that the launch of the country’s forthcoming Real-Time Rail (RTR) payment system has been delayed once more."
May 30, 2023
On the web
RevoluGROUP Canada Inc. Launches RevoluPOS Worldwide Credit and Debit Card Processing
GlobeNewswire News Room
"RevoluGROUP Canada Inc., (the "Company") is pleased to announce that further to the news release dated 24th of March 2023, the RevoluPOS Worldwide Credit and Debit Card Billing and processing platform has now launched on schedule."
May 26, 2023
On the web
A Guide to Modernizing Payments in the Financial Sector
Policy Options
"Canada must act swiftly to remain on track with modernizing its financial sector policies that affect how consumers make payments. Other countries are adopting fintech innovation at a much faster pace, leaving Canadians with limited consumer choice and competition among financial service providers compared with other parts of the world."
May 22, 2023
On the web
Government Announces Lower Credit Card Transaction Fees for Small Businesses
Government of Canada
"The Government of Canada today announced it is delivering on the Budget 2023 commitment to lower credit card transaction fees for small businesses by finalizing new agreements with Visa and Mastercard, while also protecting reward points for Canadian consumers offered by Canada’s large banks. Small businesses pay fees to process credit card transactions, with the largest component being the interchange fee paid to credit card-issuing financial institutions, such as banks."
May 19, 2023
On the web
Canada And Australia Continue Consultation And Research Into CBDCs
ZyCrypto
"According to a May 8, 2023 press release, the Bank of Canada has launched online public consultations to understand the features that could be included in a digital Canadian dollar. The consultation seeks to understand how Canadians would likely use a Canadian digital dollar, what security features are important, and accessibility and privacy concerns. The public consultation runs until June 19, 2023. The Bank of Canada has stated that a digital Canadian dollar is not needed at this time, and any decision to issue one rests with Parliament and the Government of Canada."
May 9, 2023
On the wires
Interac Enables Secure Digital Transactions with the Launch of Interac Verified
Cision
"Interac Corp. (Interac), one of Canada's most trusted brands1, today introduced Interac Verified™, the official new name for its verification business arm. This announcement marks the organization's foray beyond payments and its evolution in helping Canadians to securely engage digitally. Just as consumers and businesses have relied on Interac for innovative ways to pay and get paid, Canadians can lean on the homegrown brand they know and trust to digitally verify and authenticate themselves."
May 8, 2023
On the web
Bank of Canada Launches a Public Consultation on the Design of Its CBDC
Tokenist
On Monday, May 8th, the Bank of Canada launched a consultation on the design of its digital dollar. The Bank is seeking feedback on what key features the public believes the potential CBDC should have. The press release, however, highlights that there is currently no need for a digital Canadian dollar and warns that such a currency may ultimately never be issued.
January 25, 2023
On the web
Clik2pay Announces Bank Payments for Shopify Stores
Clik2pay
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.
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