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July 30, 2018
On the web
One Millions Taps—Tap To Pay Hits A Milestone
Translink
“It’s been two months since we launched Tap to Pay and we are happy to share our customers have embraced this new payment option in a big way. To date, there have been 160,000 unique users who have tapped their contactless credit cards and mobile wallets—a combined—more than one million times! If you are a tourist in Metro Vancouver or an infrequent transit rider, Tap to Pay means no more ticket line-ups, digging for change, or worrying about fare zones.”
July 24, 2018
On the web
How Canada’s Banking Protections Stifle Innovation At Home, But Give Big Six Free Rein To Expand Abroad
Financial Post
“Canada has a reputation for having a relatively steady banking sector and the high degree of regulation is intended to keep the financial system safe. Yet the same rules keeping everything on an even keel could also have the unintended consequences of limiting competition and consumers’ choices. Current rules include restrictions around ownership and anti-money laundering practices, but there are also certain regulatory requirements for capital and other well-meaning standards that set a high bar to clear for any potential newcomers.”
May 4, 2018
On the web
Chinese e-wallets a ‘no-brainer’ for B.C.
Business Vancouver
“However, unlike the mobile wallet more familiar to Vancouverites, Apple Pay, the Chinese alternatives do not limit transactions to $100 as Apple Inc. (Nasdaq:AAPL) does in Canada. A customer could make a $5,000 purchase, in theory, if his or her credit card allows it.”
March 30, 2018
On the web
Bank of Canada calls for global alignment on cryptocurrency policy
Canadian Underwriter
“The Bank of Canada’s senior deputy governor is calling for authorities to work toward a coherent set of globally aligned policies governing cryptocurrencies. Carolyn Wilkins told a University of Toronto conference on Thursday that such a strategy will need to cover risks in both cash and derivatives products, as well as the related ecosystems. 
Wilkins referred to cryptocurrencies as “crypto assets,” rather than currencies because “they do not perform any of the key functions of money.”
March 28, 2018
On the wires
Canadian consumers trust familiar payment methods; may be slower to adopt emerging forms of payment, according to Visa study
“Seventy-one per cent of respondents say they use chip-and-pin cards regularly, which is in line with their view that these cards are very convenient (82 per cent) and very secure (74 per cent). Contactless cards are increasingly a preferred way to pay with 52 per cent of respondents saying they use it regularly. In addition, eight-out-of-10 Canadians view contactless cards as a very convenient way to pay, and 45 per cent view it as very secure.”
March 16, 2018
On the web
More than 80% of Canadian small businesses want more payment options
Verdict
““There appears to be a higher demand for faster alternative methods as most business owners are willing to move away from cash and cheques – that is, once they have other options.””
March 12, 2018
Top Post
Payments Canada releases detailed future view of Canadian payments
“Payments Canada today issued an in-depth view of the target end state for payment system modernization in Canada, including the infrastructure, rules and standards that will benefit Canadians and businesses from coast-to-coast. Following months of collaborative industry effort to define requirements and map future plans, Payments Canada has detailed the future state required to improve the way Canadians pay for goods and services, transfer money and exchange data about their payments.”
On the web
ALIPAY PARTNERS WITH MOTION PAY TO ENABLE CHINESE PAYMENTS FOR CANADIAN RETAILERS
Betakit
“Through the partnership, Alipay is now accepted in major cities in Canada including Toronto, Vancouver, Montreal, Ottawa, and Banff, and across several categories including retail, restaurants, hospitality, and luxury. Alipay’s over 520 million active users in China will be able to use their Alipay Mobile Wallet at POS with Motion Pay merchants, both in-store and online.”
February 26, 2018
On the web
Canada’s real-time payment rail (RTR)
Payments Canada
“Payments Canada began responding to the global and domestic trend towards faster payments in 2015 with an ambitious modernization initiative that I will provide an overview for here. Our plan includes the launch of a new Real-time Payment Rail (RTR) by the end of next year but it is part of a wider overlapping, on-going project. Rather than approaching modernization as a series of upgrades, we began by imagining how we could facilitate the Canadian financial sector’s goal of a fast, flexible and secure payment system that is efficient, convenient and interoperable. We want a system that will promote innovation and strengthen Canada’s competitive position.”
February 6, 2018
On the wires
Payments modernization could save businesses billions
“”The modernization of Canada’s payment systems – specifically the introduction of faster, safer and more data-rich payments – will bring highly efficient options to Canadian businesses that will lower operational costs and boost bottom line returns over time,” said Gerry Gaetz, President & CEO of Payments Canada. “Business leaders can prepare to take advantage of the changes now by paying more attention to the way they make and receive payments, examining the inefficiencies in their existing processes and becoming more informed about the coming changes to national payment systems.””
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