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Category Archives: Payments, Transfers, Rewards

Interac Continued To Dominate The Online Transfer Payment Segment In Canada

May 14, 2024

Pixabay TarikVision Online bill payments - Interac Continued To Dominate The Online Transfer Payment Segment In Canada

Image: Pixabay/TarikVision

Interac is the dominant online payment transfer system in Canada. Last August, the company reported that for the first time ever, they had recorded over a billion mobile transactions in the previous twelve-month period. They claimed this proves that Canadians prefer using a mobile device for everyday transactions.

Mobile Interac Debits pass through a tokenization platform for digital payments, allowing consumers to make a payment without having to share their financial information. This could be at a contactless point-of-sale reader, for a virtual purchase, or when using the mobile app. Consumers are choosing Interact because it reduces fraud risk and is simple and convenient.

The latest data from Interac shows the number of Interac Debit contactless payments has gone up by over 50% in the past year. These payments are made using smartphones or wearable devices. Between August 2022 and July 2023, there were just over a billion transactions. However, Interac is not just used for physical purchases.

It continues to dominate online transactions and is used to purchase everything from travel tickets and online shopping to paying for virtual entertainment. It is the payment method of choice for many Canadians (mostly in Ontario) who enjoy a flutter at an online casino, including the listed ones that accept Interac. While risk and reward are what attract many people to gambling, they still want to know they are playing at reputable sites and that their transactions are secure.

Compared to all other business and consumer cards issued in Canada, Interac has by far the largest share. In 2022, there were 15.43 billion such transactions in Canada on cards issued by Visa, Mastercard, Interac and American Express. Interac is Canada’s top national debit card, with over 40 percent of the total market. Visa is its nearest rival at just under 35 percent, with Mastercard accounting for almost 23 percent and America Express having just under two percent.

William Keliehor, Chief Commercial Officer at Interac, asserts that the transaction milestones demonstrate that consumers are getting more comfortable using mobile technology for day-to-day transactions. He noted that consumers are gradually switching from physical cards to mobile devices for Interac Debit contactless transactions and payments, as well as choosing to use Interact Debit for online shopping.

He said,

“Canadians are embracing technologies that make their lives faster, more seamless and more convenient. Our Interac Debit data is showing mobile payments reaching a critical mass point, where a third of contactless transactions are now completed with a mobile device.”

The trend might have started with people slipping their debit cards into the back of their phone case and becoming accustomed to not having to carry their physical wallets with them. Then, improved battery life and connectivity made people feel confident that they could ditch the plastic entirely and rely on the e-wallet on the phone. The data backs this up as more consumers are using their mobile phones to complete in-person transactions instead of using their physical cards. Mobile payments rose from 18 percent of these transactions in June 2022 to 24 percent in July 2025. A quarter of Interac Debit contactless payments were done using an e-wallet on a mobile device.

In-app transactions are on the up, too. Interac’s In-App transactions surpassed 8.6 million and grew 17.5 percent from 2022 to 2023. There can be no denying that the pandemic accelerated the growth in digital payments. The trend had started before the pandemic, but contactless spending limits were low. However, increased spending limits for tap-to-pay card transactions was one of the factors that encouraged the trial of contactless payments amongst consumers who had previously been resistant. Once they felt comfortable with contactless payments, the next step was to use the in-app payment feature, which was not constrained by the limits imposed on physical card transactions.

However, Interac’s Keliehor claims these factors are secondary to the major driver of increased Interac transactions, which he says are debit-first and mobile-first payments.

He claimed,

“More and more Canadians are choosing to pay using a mobile device like a smartphone or wearable device, and we’re seeing this reflected in our transaction data as well as survey findings.”

Unsurprisingly, it is Gen Zers who are driving the change and influencing older generations to make mobile payments. They are the ones most likely not to carry a wallet and rely on a mobile device to make payments. Recent data shows that 78 percent of Canadian Gen Zers complete in-person smartphone transactions.

Generation Xers and Baby Boomers have also become less wary of mobile payments and are embracing them now. Among Gen Xers, 42 percent pay using their smartphones. However, it appears they have been nudged into doing so by the younger generation. Having watched Gen Zers in their circles leading the way, they then give it a go themselves. More than half of younger people say they have shown older family members how to use contactless mobile payments.

As Canadians adopt to new payment technologies, they take for granted that businesses will offer a full spectrum of payment options, including in-app payments, mobile contactless and online secure checkouts. Seventy-one percent of Canadians expect a ‘pay by debit’ option whether they are paying digitally, in person or online. Cash usage is definitely declining, and many stores just do not accept it anymore. We have become used to this when shopping online or on the go, but it can come as a shock when travelling. Each country has its own norms on this. Visitors to the UK can easily use digital payments, but small and medium businesses in countries like Belgium can still be cash-only environments.

See:  How Fintechs Can Integrate AI for Efficiency Gains

It is expected that Interac will continue to dominate the Canadian market, and people in the sector are referring to the move away from cash and towards debit payments for everything as “the big shift”. Businesses of all sizes need to be able to meet customer expectations, and there will be even more innovation in this area in the months and years ahead.

We might still enjoy our national bank holidays, but we now live in a 24-hour digital economy that never rests.


NCFA Jan 2018 resize - Interac Continued To Dominate The Online Transfer Payment Segment In CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Mastercard Announces Cybersecurity Winners and 6 New Start Path Participants

Cybersecurity | May 13, 2024

Freepik upklyak scholarship - Mastercard Announces Cybersecurity Winners and 6 New Start Path Participants

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Congratulations to Mastercard UNB Cybersecurity Scholarship Winners

The University of New Brunswick (UNB) has proudly announced the winners of the Mastercard Cybersecurity Scholarship, Vaishnavi Shanmugam and Erika Thea Ajes. This prestigious award grants each recipient $25,000 to support their studies in UNB's Master of Applied Cybersecurity and the Research-Intensive Cyber Knowledge Studies programs, emphasizing the importance of advancing cybersecurity education and research.

See:  The State of Cybersecurity in The Fintech Industry

The Mastercard Cybersecurity Scholarship is an investment in the future of digital security. Both recipients are involved in forward-thinking cybersecurity projects at UNB, with Shanmugam focusing on network security enhanced by machine learning, and Thea Ajes specializing in developing robust software against cyber threats. Their work is expected to contribute significantly to the evolving landscape of fintech security, offering fresh insights into protecting digital assets and infrastructures.

Vaishnavi Shanmugam:

"Being a mom to a one-year-old daughter while navigating my studies is a challenging journey. UNB, CIC and Mastercard have recognized my hard work and awarded me this scholarship. This support extends beyond financial assistance; it has significantly reduced the burden of my education loan and given me the time to focus more on my studies.”

Erika Thea Ajes:

“I was amazed when I got the news, especially since it was my first time applying for a scholarship. The news lifted a weight off my shoulders and brought immense relief to my family back in the Philippines. I’m looking forward to the RICKS training program with CIC and Mastercard, and I can’t fully express my gratitude and excitement for this opportunity.”

See:  Canadian Fintech VoPay and Mastercard Partner to Move Money

The Mastercard Cybersecurity Scholarship not only alleviates the financial burden for its recipients but also enriches the fintech ecosystem by nurturing innovators like Shanmugam and Thea Ajes. Congratulations to the scholarship winners, and kudos to Mastercard for their commitment to empowering the next generation of cybersecurity experts.

Mastercard Announces 6 New Startups Participating in Startup Path Program

Mastercard has recently expanded its Start Path program by welcoming six new startups that are innovating in the payments acceptance space. These startups are aiming to transform the way businesses and consumers engage with digital payments, focusing on solutions that include low-cost payment systems for small businesses, non-traditional channel acceptance, and comprehensive business management experiences in payments and beyond.  Throughout the four-month program, these startups will receive mentoring and collaboration opportunities and access to Mastercard's extensive global network.

The six startups joining the Start Path Acceptance program are:

  1. Cardstream (UK) - Specializes in fintech enablement through innovation, offering Payment Gateway and PayFac-as-a-Service platforms.
  2. Gr4vy (U.S.) - Provides cloud-based payments solutions that allow merchants to customize and optimize their payment strategies.
  3. Hoox (U.S.) - Focuses on card optimization platforms for issuers, enhancing customer engagement with personalized, real-time offers.
  4. Nearpay (Saudi Arabia) - Offers solutions for acquirers, payment service providers, and fintechs to integrate and launch Tap on Phone on mobile devices.
  5. OmniRetail (Nigeria) - Supports traditional retailers with a digital infrastructure to ensure access to essential goods and financial resources.
  6. Tazapay (Singapore) - Enhances the cross-border commerce experience with a platform that simplifies international transactions.

See:  37% Globally to Use Local Payment Methods by 2028

These companies are part of a larger effort by Mastercard to double its global payment acceptance footprint and support the shift towards digital payment solutions that enhance speed, simplicity, and security.   For more details on Mastercard's Start Path program and the new startups, you can visit their official announcement here.

Closing

Both initiatives exemplify Mastercard’s commitment to nurturing talent and innovation, promising a forward-looking approach to the challenges and opportunities of the digital financial landscape.


NCFA Jan 2018 resize - Mastercard Announces Cybersecurity Winners and 6 New Start Path ParticipantsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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37% Globally to Use Local Payment Methods by 2028

Payments | May 7, 2024

2024 Boku Report Global ecommerce checkout value by payment method - 37% Globally to Use Local Payment Methods by 2028

Image: Boku 2024 Global Ecommerce Report

Local Payment Methods to Reach 58% of All Ecommerce Transaction Payment Value Globally by 2028

The 2024 Boku Global Ecommerce Report, produced in collaboration with Juniper Research, offers a detailed analysis of the rapidly evolving landscape of global ecommerce and payment systems drawing from extensive data across 37 major markets to provide insights into the current trends and future directions of the payments industry.

See:  Process Flow Comparison: How VISA Works When Swiping a Credit Card at a Merchant’s Shop VS Digital Wallet

Traditional credit card usage like Visa and Mastercard are facing significant headwinds due to the rapid adoption of local payment methods that cater more closely to regional consumer behaviors and needs. These methods often offer greater security, lower fees, and are better integrated into mobile and digital user experiences. Furthermore, regulatory initiatives aimed at reducing foreign dependency in financial transactions are compelling markets to adopt and promote local payment infrastructures.

  • Traditional global card networks like Visa and Mastercard are losing share at checkout points to various local and regional payment methods. These include digital wallets, direct account-to-account (A2A) payments, and buy now, pay later (BNPL) offerings. The transition reflects consumer preference for payment solutions that are tailored to local needs and offer added security and convenience.
  • Account-to-Account (A2A) payments are growing significantly due to their cost-effectiveness and speed over traditional bank transfers. They're becoming a preferred method, especially in regions where digital wallets and mobile money solutions are prevalent. This trend is expected to continue as these solutions integrate more seamlessly with other financial services.
  • BNPL schemes are increasingly popular as they offer consumers a way to manage cash flow better without immediate financial burden. This method is attractive in both developed and emerging markets, with ecommerce platforms and merchants quickly adopting BNPL to increase their appeal and customer base.  While not as pervasive as in regions like Europe or Asia, there is growing interest in BNPL solutions among Canadian consumers. This interest is driven by the flexibility these services offer, allowing consumers to manage their budgeting more effectively without immediate financial strain.

See:  Canada’s Payment Landscape 2009-2022 – BoC

  • In regions like Asia-Pacific, super apps that integrate various services including payments, shopping, social media, and more, are reshaping consumer expectations and behavior. These platforms are enhancing the stickiness of digital wallets and are central to the digital payment ecosystems in their respective markets.  See:  China’s CBDC: Offline Digital Yuan Payments via Super SIM Cards
  • Governments and regulators are playing a crucial role in shaping the payment landscapes by fostering the development of local payment infrastructures that reduce dependency on international card networks and enhance national economic sovereignty. These efforts are leading to the introduction of new standards and protocols for payments, and a reduction in costs, further encouraging innovation in local payment methods.

Implications

  • Canadian businesses and merchants must adapt their payment strategies to include a variety of payment options that cater to local preferences and regulatory requirements, ensuring they remain competitive and relevant while maintaining security and user experience.
  • Staying abreast of regulatory changes and engaging with policymakers can help businesses anticipate and adapt to changes in the payment landscape, ensuring compliance and leveraging regulatory support for innovation.
  • The increasing popularity of BNPL and digital wallets presents new opportunities for financial services providers to develop and offer new products that meet changing consumer demands.  Experian to Include Apple’s BNPL Data in Credit Reports

See:  JPMorgan’s New Programmable Payments in Blockchain | “Crypto’s Back”, Stripe to Support On-Chain USDC Payments

  • As payment technologies evolve, there is a need for consumer education to ensure that users understand the benefits and potential risks associated with new payment methods.

Conclusion

Overall, the 2024 Boku Global Ecommerce Report serves as a crucial resource for understanding the dynamics of the global payments industry, offering valuable insights for businesses looking to navigate the complexities of modern ecommerce environments.   Visit NCFA's fintech industry reports and research page for more


NCFA Jan 2018 resize - 37% Globally to Use Local Payment Methods by 2028The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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“Crypto’s Back”, Stripe to Support On-Chain USDC Payments

Payments | April 26, 2024

John Collision Stripe Future of Payments San Francisco 04 24 - "Crypto's Back", Stripe to Support On-Chain USDC Payments

Image: John Collision @Stripe Sessions - Future of Payments, San Francisco (04/24)

Stripe to Support On-Chain Global Crypto Payments

2024 - At Stripe Sessions - The Future of Payments conference in San Francisco, the Co-founder and President of Stripe, John Collision, announced its return to cryptocurrency transactions after a multi-year hiatus, this time supporting a single USDC stablecoin initially on Polygon, Solana and Ethereum networks. Stripe's history with cryptocurrencies showcases a journey of experimentation, adaptation, and strategic decision-making.

Here's a timeline of their key activities in the crypto payments space:

  • 2014 - Stripe was one of the early adopters among payment processors to support Bitcoin payments. This move was aimed at enhancing the flexibility of online payments by integrating a burgeoning digital currency​.
  • 2018 - After four years of supporting Bitcoin, Stripe decided to end its Bitcoin payment support. The company cited several reasons for this decision, including longer transaction times and increased fees that made Bitcoin less effective for small, everyday transactions. Instead, Stripe shifted focus to look at other cryptocurrencies that could potentially offer more utility as everyday payment methods​.

See:  Stripe’s Total Payment Volume Passed $1 Trillion in 2023

  • 2022 - Fast forward to 2022, Stripe introduced the ability for businesses to send cryptocurrency payouts globally through its Stripe Connect platform. This service initially allowed payouts in USD Coin (USDC), a stablecoin pegged to the US dollar, leveraging the crypto infrastructure without the volatility typically associated with traditional cryptocurrencies​.
  • 2024 - Renewed Crypto Payments Initiative: Just this week, Stripe announced that it would start accepting USDC stablecoin payments, marking a significant return to crypto payments expected to start this summer.

Stablecoins are gaining traction as a means of payment because they combine the stability of traditional fiat currencies with the efficiency of digital transactions.

See:  How Permissioned DeFi Will Transform Global Payments

The appeal of stablecoins lies in their ability to maintain a stable value, usually pegged to a fiat currency like the US dollar, which makes them less volatile compared to traditional cryptocurrencies like Bitcoin. This stability is achieved through backing by assets such as cash or government bonds, ensuring that each stablecoin can be redeemed at a consistent value.

Why This Matters

Stripe's support for stablecoin payments will help the adoption of digital currencies into the mainstream.  It also shows how Stripe is facilitating a deeper engagement with the crypto economy. Further, by choosing USDC, a stablecoin known for its stability and linkage to the US dollar, Stripe aims to build trust and reduce the volatility often associated with cryptocurrencies which could set a standard for other payment companies.


NCFA Jan 2018 resize - "Crypto's Back", Stripe to Support On-Chain USDC PaymentsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The Main EFT Services Used in Canadian iGaming

April 25, 2024

Unsplash Tech Daily Money transfer - The Main EFT Services Used in Canadian iGaming

Image: Unsplash/Tech Daily

When making deposits at iGaming sites, you may see terms like EFT and e-wallet listed on the cashier pages. Although they sound alike, they are two different payment modalities, and work differently.

In this piece we will cover major EFTs for iGaming : Interac, Instadebit, iDebit, Rapid by Skrill and Trustly. And explain how EFTs and e-wallets like Skrill, Neteller and MuchBetter differ.

What is an EFT?

An EFT or electronic funds transfer is a payment service. It lets you directly deposit and withdraw money from your bank when transacting online. This allows fast, secure bank transfers without cards.

Key features of an EFT are:

  • Direct bank integration – EFTs connect to your bank account instead of holding funds separately. This enables direct bank account transactions with merchants.
  • Speed – Most EFT transactions happen instantly or within hours. Much faster than wire transfers or checks taking days.
  • Security – Your banking details are not shared with merchants. EFTs use 2-factor authentication to verify identity and facilitate transfers.

Popular EFTs in iGaming include:

Interac

Interac is a popular EFT system used by most online casinos accepting Canadian players.

Here is what you need to know about Interac:

  • Allows direct bank account transfers to/from supported gambling sites.
  • Deposits are usually instant while withdrawals take 1-3 business days.
  • Favorable currency conversion rates and no transaction fees.
  • Offers both online debit and e-Transfer options.

To use Interac, you first choose it as your deposit/withdrawal method at cashiers of gambling sites. You then select your bank, log into your online banking portal right on the site and authorize transfers to process immediately.

As one of the fastest and most trusted EFT systems for Canadians, Interac makes bankroll management easy and secure. You can quickly send funds back and forth as you please.

Trustly

Trustly also offers a popular EFT platform for instant deposits and fast withdrawals globally.

Key features:

  • Bank ID logins let you securely authenticate transfers.
  • Track pending withdrawals/deposits from online banking.
  • Deposits and withdrawals typically finalize within minutes.

Using Trustly is straightforward. On supported gambling sites, you pick Trustly as your banking method from the cashier section. Select your bank to login via BankID directly, review and authorize the transaction which gets processed instantly between accounts with confirmations in online banking.

Instadebit

For Canadians, Instadebit provides another excellent EFT choice.

Benefits of their platform:

  • Direct bank account connections for quick transfers
  • Easy signups with built-in ID verification
  • Fast e-Check payouts in under 48 hours

Using Instadebit first involves signing up for an account on their platform and connecting bank account details. Once setup, you can choose Instadebit in the cashier when depositing/withdrawing on supported gambling sites. Just input banking info, review and confirm transfers to have funds securely exchanged between accounts within hours typically.

iDebit

Like Instadebit, iDebit offers user-friendly EFTs tailored for Canadian gamblers too.

Key features:

  • Direct integration across major Canadian banks for linking accounts.
  • Has a dedicated support team.
  • Instantly shifts money to/from sites via linked bank accounts.

Using Instadebit first involves signing up for an account on their platform and connecting bank account details. Once setup, you can choose Instadebit in the cashier when depositing/withdrawing on supported gambling sites. Then just simply input your banking info, review and confirm transfers to have your funds instantly credited.

Rapid by Skrill

Besides their e-wallet, Skrill also provides EFTs through Rapid.

Rapid offers:

  • Local bank transfers in Canada.
  • Instant deposit speeds.
  • Withdrawals process in hours on weekdays.

Sign up for Skrill and choose Rapid as your deposit method. This lets you deposit directly from your bank account into Skrill. You can then use that balance to deposit at your preferred online casino.

Along with other EFTs, Rapid furnishes easy alternatives for Canadian gamblers to fund accounts through local bank transfers.

EFTs vs E-Wallets - What's the Difference?

While EFT services facilitate direct integration between your bank account and the online gambling platforms, e-wallets work differently.

Popular e-wallets used for gaming transactions include:

  • Skrill
  • Neteller
  • MuchBetter

The key difference with e-wallets is:

  • You first transfer money from your bank to the e-wallet provider to store value in your account with them.
  • You then use this separate e-wallet balance to fund gaming transactions.

So it adds an additional party between you, your bank, and the gambling site. Rather than a direct transfer like with EFTs, e-wallets take deposits into their independent platform which you can then use to fund gaming activity.

See:  From Gaming to Gig Economy: How Canadians are Embracing New Payment Methods

Benefits of e-wallets include:

  • Anonymity - Your banking details stay protected from merchants.
  • Convenient value storage - You can securely store funds in your account wallet for quick future transfers.
  • Transfer flexibility - Wallets allow easy deposits/withdrawals from various sources like cards or bank accounts.

Why You Should Always Choose EFTs When Depositing at an Online Casino

Here are main reasons you should always select direct EFT deposits over alternate cashier options like cards or e-wallets:

Speed & Reliability

The best EFT platforms like Interac and Trustly offer near instantaneous transfers. Your deposit is credited instantly just as if you were using an e-wallet. EFT technology also minimizes potential transaction issues compared to slower or more complex payment channels.

Info Safety & Anonymity

Unlike cards, your sensitive banking details aren’t directly exposed to merchants. And you avoid tying your identity to 3rd party e-wallets as well. EFTs keep your information confidential via secure SSL encryptions between governing provider, bank, and casino.

No Foreign Transaction Fees

If you ever play at foreign online casinos (which we don’t recommend by the way), EFTs always provide better rates and lower fees compared to credit cards. You get to transfer cash straight from bank to site with minimal losses. No hidden fees at all.

Regulation-Friendly

For licensed, regulated iGaming operators across jurisdictions like Canada, EFT transactions aid site compliance thanks to direct player verification protocols and transparent payment audit trails.


NCFA Jan 2018 resize - The Main EFT Services Used in Canadian iGamingThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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API Magic: Empowering Payment Services Providers and Fintech Innovators to Scale

DC Bank | Jeffrey J. Smith | April 24, 2024

Jeffrey J. Smith DC Bank - API Magic: Empowering Payment Services Providers and Fintech Innovators to Scale

Jeffrey J. Smith, Co-Founder, CEO & Director, DC Bank

In today's fast-paced digital world, scaling efficiently is a must-have for your business. As technology continues to reshape the financial industry, Application Programming Interfaces (APIs) are revolutionizing the game. APIs make it easy to connect systems, ensuring secure and smooth data exchange. When it comes to payment solutions, APIs are the secret sauce for businesses to scale effortlessly. At Digital Commerce Group of Companies (DC Group), we're trailblazers in digital payment solutions for financial innovators. Our API developer tools are top-notch, giving you extended functionality and full control over the services you provide. As experts in the field, we’re sharing some thoughts on how to leverage API payment technology to grow your business.

Embracing the Power of an API

API-driven solutions offer a wide range of opportunities for financial services providers and fintech entrepreneurs alike. They bring flexibility, speed, and open exciting avenues for boosting revenue. With APIs, you can easily integrate with your existing systems, allowing you to enhance your technology stack while reducing development time. This lets you focus on delivering value back to your customers, while reducing your time-to-market.

Finding a Trusted Technology Partner

When it comes to integrating payment solutions, choosing a trusted partner is key. First, look for a solid reputation, top-notch security measures, a range of cutting-edge products, and easy integration. At DC Group, our dynamic platform offers state-of-the-art APIs with advanced features that let you take control of your technology to customize the payment experience. We build adaptive programs that give fintech innovators the means to scale and pivot with ever-changing business demands.

See:  Embedded Finance: Banking Meets the Customer

Second, when scouting a potential partner, be sure to ask questions — can they handle increased transaction volumes and adapt to evolving industry standards? (Hint: we can!) You’ll also need responsive customer support to address any concerns. By choosing a reliable API partner, you can rest easy knowing your transactions are in good hands, allowing you to grow your business, and stay ahead in a competitive market. Our tech-obsessed team at DC Group works with you to uncover challenges that are holding your technology back or slowing your business down. We help dream up a solution that ensures you succeed in today's fast-paced digital landscape.

Enhancing Your Customer Experience

Whether you're a payment services provider or a fintech entrepreneur, API-driven payment solutions offer exciting possibilities to level up your customer experience and streamline operations. With APIs, you can incorporate third-party applications, giving your customers access to a diverse range of financial products all in one place. This seamless integration not only simplifies the customer experience but can also expand your product offering with a trusted interface that's sure to attract new customers.

Offering More Services

API-driven payment solutions have revolutionized the financial industry, empowering businesses to scale effortlessly. Through our best-in-class API developer tools, we work with businesses to integrate a wide range of services — from payment and E-transfer capabilities, to card services and digital wallets.

See:  FinTech’s Role in Modern Treasury Management: Streamlining Operations and Capital Optimization

We’re passionate about helping businesses build faster and level-up the services they provide. Embrace the power of APIs and propel your business into the future of finance with DC Group's comprehensive API-driven payment solutions.

About the Author

By Jeffrey J. Smith, Co-Founder, CEO & Director

Mr. Smith, the co-founder and CEO of DCBank, is a seasoned entrepreneur with over 30 years of experience in international financial services. He has an impressive track record of operating, financing, and expanding large-scale businesses. Mr. Smith has successfully sourced, negotiated, and integrated numerous acquisitions in Canada and abroad. He was recognized as the Industry Person of the Year for Prepaid & Payments by Payments eXchange in 2013 and received the Ernst & Young Entrepreneur of the Year award for the Prairies Region in 2005. Additionally, he served as a Board Member of the Interac Association from 2012 to 2017.


NCFA Jan 2018 resize - API Magic: Empowering Payment Services Providers and Fintech Innovators to ScaleThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Canadian Fintech VoPay and Mastercard Partner to Move Money

Release | April 15, 2024

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VoPay's Partnership with Mastercard Will Offer Near Real-Time Money Movement in Canada and Globally for Consumers and Businesses

Mastercard and VoPay have announced a strategic partnership leveraging Mastercard's comprehensive money transfer solutions, known as Mastercard Move, to facilitate rapid, secure, and efficient monetary transactions both domestically and internationally. This partnership aims to redefine the landscape of financial exchanges, improving accessibility and convenience for both businesses and consumers.

See:  VoPay Launches VoPay360 – Embedded Financial Technology

Hamed Arbabi, CEO and Founder of VoPay:

"This partnership delivers on both companies’ commitment to provide more choice and greater transparency for people who need to send money. The platform will also transform the way businesses and consumers transfer money internationally. Be it personal remittances, small business payments or commercial disbursements, with Mastercard Move, VoPay will enable businesses, financial institutions and consumers to send money to bank accounts, mobile wallets, cards and cash-payout locations in over 100 countries. The joint solution between Mastercard and VoPay will transform the user experiences for both the sender and the recipients."

  • Mastercard Move integrates domestic and international money transfer capabilities, offering various payment methods including direct bank transfers and payments to debit or prepaid cards. This diversity supports a wide range of transaction needs across different sectors.
  • Through the partnership, VoPay will utilize Mastercard Move to facilitate all domestic payments within Canada. This includes direct payouts to bank accounts, debit cards, and reloadable prepaid cards, catering to needs ranging from gig-economy compensations to healthcare payments, thereby enhancing the efficiency of domestic economic activities.

See:  NCFA Congratulates Canadian Fintechs Selected for the UK’s Fintech CTA Program

  • The partnership significantly improves cross-border payments by providing secure, fast, and transparent money transfer options. These improvements are crucial for Canada, given its substantial engagement in international trade and its growing immigrant population relying on remittance services.
  • The collaboration ensures high security for transactions, featuring trackable payments, transparent fee structures, and real-time updates on transaction statuses. Such features are critical in building trust and facilitating smoother financial interactions globally.

Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada:

“There is a growing demand for interoperable technology that allows consumers and businesses to move money seamlessly across networks domestically and internationally.  By leveraging Mastercard Move, including Mastercard’s technology and connectivity to global and domestic networks, VoPay, with its focus on providing a globally interoperable platform with embedded finance capabilities, will deliver significant value to Canadian consumers, businesses and government entities.”

See:  Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada

Why This Matters

By improving the speed, security, and transparency of payments, VoPay's collaboration with Mastercard supports Canada's economic growth and global financial innovation.


NCFA Jan 2018 resize - Canadian Fintech VoPay and Mastercard Partner to Move MoneyThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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