Tag: canada mobile payments

Moneris launches new mobile payments service

Moneris Solutions, a Canadian payment processor, has launched a new mobile payments service called “Payd Pro.” The new service is designed to be used alongside debit cards, allowing the financial information associated with these cards to be used by a mobile device. The mobile payments service is meant to make commerce more convenient for consumers that are constantly on the go and could be ideal for commuters that have little time to shop at physical stores.

Payd Pro utilizes Bluetooth technology

Unlike other mobile payments services, Payd Pro is not based on NFC technology. This is because NFC-enabled mobile devices are still quite rare among consumers and NFC has begun to attract a significant amount of criticism regarding its security. Instead, Payd Pro utilizes Bluetooth technology in order to make it more accessible to both iOS and Android devices. The Payd Pro application offers a variety of mobile commerce management tools that have been developed by Moneris. These tools have been quite well received by small businesses in Canada that have used them in the past.

Service encrypts card data at transaction

Payd Pro encrypts the card data that it uses at the time of transaction. This is meant to provide security for the financial information that is being used to conduct mobile payments. Security has become a major issue when it comes to the world of mobile commerce due to the malicious parties that have been attracted to this rapidly growing sector. Hackers have shown interest in mobile commerce because of the relatively low-level security systems that many platforms are equipped with.

Consumers and businesses showing increasing interest in mobile payments

Canadian consumers have been growing more interested in mobile payments in recent years, largely due to the growing levels of smartphone and tablet ownership. As more people are exposed to the concept of mobile commerce, the more they are demanding mobile payments services that are both secure and easy to use. Moneris has been able to meet this demand to some degree with its variety of mobile commerce services offered to consumers and businesses alike.

According to industry leaders, the technology is now starting a wave in the country.

According to some of the latest data out of Canada, mobile payments, such as money transfers, are starting to pick up quite quickly, as the industry reaches the close of its second year within the country.

Contactless transactions, specifically, are starting to take hold inside that country.

Though the case on the other side of the world, in India, is showing a massive hesitation to adopt mobile payments technology, the exact opposite appears to be happening in Canada. The true strength in this part of the industry appears to be in contactless technology – NFC technology. Tap and go is catching on and Canadians are starting to become accustomed to it.

MasterCard has now ranked Canada as the second most prepared country for mobile payments.

The ranking from MasterCard placed only Singapore ahead of Canada in terms of being prepared for the widespread adoption of mobile payments. It assigned a score of 0 to 100. Canada scored a 42, whereas Singapore received a score of 45.6. The global average was 33.2.

That said, despite the widespread adoption of smartphones in India and its tremendous population, it is still lagging behind the world at a score of only 31.5. This ranking was the result of the data accumulated by MasterCard in a survey that involved the participation of mobile networks, banks, and governments. It revealed that in the Mobile Commerce Clusters score, Canada has fared very well.

At the same time, aside from mobile payments, the survey also identified a number of other trends. For example, credit and debit cards are continuing to grow their share of the overall industry over other methods such as cash and checks. Approximately one in three total transactions are done by cash, and card transactions are picking up considerably within the sound financial system of that country.

Smartphone penetration is also considerable in Canada. That, along with the cooperation of the government, mobile networks, and banks, has meant that this market is increasingly prepared to take part in mobile payments on a mainstream scale.