Payments News


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.”