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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
Forbes
“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
MobileSyrup
“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
yahoo
“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
MobileSyrup
“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
7-Eleven expands mobile payment options – Canadian Business Franchise
Canadian Business Franchise
“Retail franchisor 7-Eleven has announced it will now accept Chinese mobile payment systems Alipay and WeChat Pay. These mobile payment options are currently available at 35 select locations in Vancouver and Toronto, with plans for expansion in the next few months.”
February 5, 2019
On the web
Meridian Set to Launch Its New Digital Bank Called Modusbank
Betakit (Canada)
“Meridian has been given the green-light by the Office of the Superintendent of Financial Institutions to move ahead with its new digital bank, Motusbank. The digital bank, set to open this spring, and will allow Canadians to access their bank accounts, investments, and mortgages online, while offering digital customer service from real people. Through Meridian, members will also receive access to one of Canada’s largest no-fee ATM networks.”
February 4, 2019
On the web
Modernize your payments: More efficient means lower operations costs
PLANT
“A Payments Canada study, in partnership with Ernst & Young LLP (EY Canada), quantified the current cost of payments processing for Canadian business to be between $3 billion and $6.5 billion annually. The research looked at current payment processes and identified inefficiencies, such as the manual handling of accounts receivables and payables among all sizes of businesses. A faster, safer and more data-rich payments system will reduce many of these operational inefficiencies, and help lower costs while boosting bottom-line returns over time.”
January 23, 2019
On the web
Zafin Raises $17.2M in Series B Funding
FinSMEs
“Established in 2002 by Al Karim Somji, CEO, Zafin designs customer centric financial services software used by many of the world’s largest financial institutions to power pricing, product and customer strategies. Its solutions enable banks to increase revenue generation, drive customer transparency and aid in regulatory compliance, ultimately enhancing their agility and their ability to improve the customer experience and build more personalized and profitable relationships.”
On the wires
Mogo Expands its Technology Partners with Plaid Integration as it continues to enhance its Best-in-Class Digital Financial Experience for Canadians
“Mogo is leveraging Plaid’s API technology to enable more convenient access to its products and help more people more easily gain control of their financial health. Plaid’s suite of APIs is already being used by many of the most innovative and fastest-growing companies in financial services.”
December 10, 2018
On the wires
Canadian demands for speed and convenience influencing payments innovation
“The 2017 data show that Canadian consumers are opting for faster and more convenient methods of payment, such as tapping a card or phone at point-of-sale, sending funds electronically through INTERAC e-Transfers, making more purchases online and in-app and leaving traditional forms of payment, like cash and cheque, by the wayside. Businesses too are adopting digital payments, leveraging credit cards, INTERAC e-Transfers, and Electronic Funds Transfers (EFT) more frequently and reducing their use of cheques. Wider adoption of electronic payments by businesses is expected once faster and more data-rich payment options become available through Payments Canada’s Modernization program.”
December 4, 2018
On the web
Amazon files trademark application for Amazon Pay in Canada
Mobile Syrup
“E-commerce giant Amazon has filed a trademark application for its Amazon Pay online payments processing service in Canada. The application was submitted on November 16, 2018 and formalized on November 21st, 2018. The filing suggests that Amazon plans to bring the platform to Canada in the near future.”
October 30, 2018
On the wires
Adyen Expands Its Unified Commerce Offering To Canada
“Adyen (AMS: ADYEN), the payments platform of choice for many of the world’s leading companies, today announced its platform expansion into Canada. The company also announced four new customers that have selected Adyen as their payments processor in Canada, including: Dollar Shave Club, Adidas, Busbud and Canada Goose.”
October 2, 2018
On the web
Bank of Canada studying issues around a central bank digital currency
Financial Post
“The Bank of Canada is looking at the key questions around the design of a digital currency and the issues surrounding such an idea, a senior Bank of Canada official said Monday. However, deputy governor Timothy Lane told a University of Calgary audience that unless the risks associated with a central bank digital currency can be managed through appropriate design, the bank would not recommend issuing such a currency.”
September 28, 2018
On the web
Canada sets up Committee on Open Banking
Finextra
“The Canadian Government has established an Advisory Committee on Open Banking to explore the potential and pitfalls of a regime which would give consumers the ability to share their financial data with third parties. Announced as part of the federal budget in 2018, the four-person Committee will be tasked with dissecting the results of a wide-ranging consultation with stakeholders and delivering a report assessing the potential merits of Open Banking for Canada.”
September 27, 2018
On the web
Announcing A New Feature: Set It & Forget It
Paytm Canada blog
“With Set it & Forget it you have the ease of knowing that all your bills are being paid on time. You won’t have to worry about remembering the passwords for every service provider, or worse trying to remember where you placed that paper bill! We have the largest number of service providers on our app, so you can easily schedule your bill payments and rest assured that they will get paid on time. And, the best part is that you can still collect Paytm Points for every bill payment that you make with our app, and redeem them for tons of great stuff!”
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