There’s a new token in town
By André Stoorvogel The way we pay is changing. Consumers are now using their PCs, smartphones, wearables, cars and even refrigerators to buy goods and services. The size and value of the Canadian card-not-present (CNP) market is therefore increasing as payment use cases across digital commerce (e-commerce, m-commerce, Internet of …
Making payments acceptance simpler
By Vincent Alimi Over the past several years, the emergence of new payment systems has made it considerably easier and faster for businesses and consumers to send and receive payments. Digital banking tools have made it possible to transfer funds online or through mobile banking apps directly to people you …
Financial inclusion with voice banking
By Henrique Godinho When Amazon’s Alexa made its Canadian debut in November 2017, experts were quick to speculate about what voice-activated technology could bring to the banking industry. What emerged was early experimentation towards the integration of voice applications into general banking operations, like verbally disseminating branch hours, locations and …
Cashless payments: there’s an app for that
By David Morrison Faithful churchgoers in the Jarna-Vardinge parish in Sweden no longer toss coins and bills into the collection basket. Rather than reach into their pockets for money, church attendees are apt to pull out their iPhones to make donations. Sweden, whose citizens have difficulty obtaining cash from institutions …
Four disruptive payments trends to watch
By Jason Mugford The global payments industry is due for an overhaul. Last year was a record year for investment in the global FinTech sector. More capital was raised in the first half of 2018 than the record total in 20171 and the pace of change will continue to accelerate …
Small businesses’ payments modernization growing pains
By Dan Kelly The way Canadians make and accept payments is changing quickly. From Apple Pay to Square, PayPal or Interac e-Transfer, the choices are growing. Moving away from cheques Yet business to business (B2B) transactions for smaller firms are still dominated by paper invoices and cheques in the mail. …
How banks can maximize loyalty/rewards programmes
By Kathryn Argiriou In Canada and globally financial institutions have always operated in an environment of rapid change and uncertainty. New and evolving banking models are being driven by changing consumer needs, increased regulation, new types of competitors and innovations in technology. More specifically, players within this space are facing …
Growing the prepaid market
By Peter Read We all know prepaid solutions as innovative tools that encourage financial inclusion, help combat consumer debt, replace costly cheques and tackle hassles in business payment systems. But what may have begun as a niche set of products that fills a gap in the current payments system has …
Battling CNP fraudsters
By David Andre Card not present (CNP) fraud is on the rise. According to one study of CNP fraud in Canada, it increased 205 per cent between 2010 and 2015 and accounted for 76 per cent of all fraud in 20151. Unfortunately, it could become an even bigger challenge in …
How disruptors are wooing market share
By Mike Gardner Payments used to be one of the industry’s least vulnerable to disruption, but it is now facing transformative reshuffling, with new digital entrants and changes in consumer behaviour. Those in the merchant acquiring business that are counting on organic growth from existing markets are feeling the pinch. …