Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
Jack Dorsey Returns as ‘Square Head’, Announces Cannabis Partnership
Payments | Sep 27, 2023
Image: Unsplash/Blake Wisz
Jack Dorsey returns to lead Square as it strategically dives into the Canadian cannabis market through a partnership with Jane Technologies, signaling a bold new direction for the fintech giant.
In recent developments, Jack Dorsey, the co-founder of Twitter (now known as X) and the mind behind fintech giant Block Inc, is making headlines once again. This time, it's not just about his leadership changes at Square but also about Square's strategic move into the Canadian cannabis market.
Jack Dorsey Returns to Square
Jack Dorsey, who co-founded fintech company Block in 2009, is set to lead Square once more. As CEO Alyssa Henry prepares to step down on October 2nd after a commendable nine-year tenure, Dorsey will take over her role.
Interestingly, Dorsey will be titled as "Square Head", aligning with his current title of "Block Head" at Block Inc.
During her time as CEO, Alyssa Henry played a pivotal role in transforming Square into a software-led technology company. Under her leadership, the company navigated the challenges of global pandemic lockdowns and expanded its services for small businesses globally.
See: Jack Dorsey Announces Launching Bluesky, Decentralized Social Platform, Closed Beta Soon
Square, which was initially known for its payment services, has evolved to assist businesses with online and point-of-sale payments, wage, scheduling, inventory management, and other financial solutions.
In 2021, Square rebranded itself as Block, reflecting the company's broader vision beyond just payment solutions.
Square's Foray into the Canadian Cannabis Market
Square, a unit of Block Inc, announced its entry into the Canadian cannabis market through a strategic partnership with e-commerce platform Jane Technologies.
This move will see the launch of an early access program in Ontario, allowing licensed dispensaries to test Square's retail point-of-sale offerings. Businesses that opt for Square's payment systems in their physical stores will also have the advantage of leveraging Jane's platform for online sales.
It's worth noting that Jane Technologies had previously entered the Canadian market in 2021 by partnering with the pot firm High Tide.
See: Autonomous IoT Transactions and Micropayments
Roshan Jhunja, the head of retail at Square, emphasized the company's approach of focusing on one province initially to ensure stability before expanding further. The Canadian cannabis industry, despite witnessing robust growth post its legalization in 2018, faces stiff competition from cheaper, illegally sourced marijuana.
The collaboration between Square and Jane Technologies aims to offer sellers a platform that rivals the accessibility of the illicit market. Jane's CEO, Socrates Rosenfeld, envisions this partnership expanding beyond Canadian borders when regulations permit.
Recently, U.S. health authorities suggested relaxing marijuana constraints, marking the initial move toward broader legalization in one of the world's largest cannabis arenas.
The 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
 |  |  |
|---|---|---|
 |  |  |
Citi’s Top 10 Insights on Cross-Border Payments 2023
Report Insights | Sep 26, 2023
Dive into Citi's illuminating insights on the transformative landscape of cross-border payments for 2023
Based on the Citi's latest "Global Perspectives & Solutions: Future of Cross-Border Payments" report September 2023, here are 10 of the most insightful thought leadership points, statistics, or facts and figures that would be of interest to fintechs and banks.
The report is the culmination of insights gathered from prominent market infrastructure specialists both inside and outside of Citi, as well as from FinTechs and a broad spectrum of banks spread across four continents. Additionally, it encapsulates the primary discoveries from an exclusive survey conducted among over 100 financial institutions affiliated with Citi.
See: Understanding the Impact of Blockchain on Banking: Cross-Border Payments
1. Cross-Border Payments Inflection Point
- The world of cross-border payments is at a pivotal moment. As new competition and technologies emerge, there will be winners and losers.
- All players must adapt to maintain and grow their market share.
2. $250 Trillion Opportunity
- The value of cross-border payments is projected to reach $250 trillion by 2027.
- This massive growth presents a significant opportunity for both traditional banks and fintechs.
3. Market Share Shift to Fintechs
- Over 40% of banks have already lost at least 5% of their market share to fintechs.
- Additionally, 89% of banks anticipate losing at least another 5% of their share to fintechs in the next 5-10 years.
4. Consumer Expectations
- In domestic transactions, consumers now expect payments to be instant and fully traceable.
- These expectations are transitioning to the more complex cross-border space, leading to a "consumerization" of corporate expectations.
5. APIs as Key Enablers
- 83% of banks recognize application programming interfaces (APIs) as the primary technology to enhance the client experience. APIs allow banks to expand their networks through partnerships and elevate their capabilities.
See: Luge Capital Secures $71M in Second Fund’s First Close
6. Globalization and Cross-Border Payments
- Globalization, driven by the flow of goods, people, ideas, and capital, underpins the growth in cross-border payments revenues.
- These revenues have rebounded post-pandemic and are forecasted to grow at mid- to high-single digits over the next five years.
7. B2B Dominance and C2B Growth
- While B2B payments continue to dominate in size, the fastest growth area is expected in consumer-to-business (C2B) payment flows, driven by e-commerce and other innovations.
8. Digital Assets and AI
- Digital assets are emerging with interesting use cases, such as smart contracts and real-time liquidity.
- Additionally, artificial intelligence (AI) has captured significant attention in 2023 and could act as a catalyst for change in the payments market.
9. Client Experience Focus
- Over 50% of banks see the need to revamp their front ends to improve the client experience.
- Over 60% of respondents believe there's a need to upgrade their core infrastructure.
See: Lending Loop Launches ‘Loop Card’ for Small Business Cross-border Transactions
10. Changing Nature of Trade
- Trade in merchandise and services across borders has rebounded post-financial crisis. The value of exports amounted to almost 25% of global GDP in 2022, up from 23% in 2019.
- The mix of trade is also evolving, with increasing cross-border data and IP flows.
Image: Citi Cross-Border Payments Sep 2023 Report
Download the Report
The report contains statistics and insights from key stakeholders, and recognizes both the pain points that both banks and fintechs must overcome to compete for market share along with key areas of focus to win including delivering 'best in class' client experiences with unprecedented speed, transparency, and low cost.
The future of cross-border payments is undergoing a tectonic shift as stakeholders jostle for a piece of a projected $250 trillion market by 2027. Download the full 120 page PDF report here.
The 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
| | |
|---|---|---|
| | |
Bank Consortium to Launch “Paze” to Challenge Big Tech’s Fintech Dominance
Mobile Wallet | Sep 20, 2023
Image: Paze website
Major American banks like JPMorgan Chase, Bank of America, and Wells Fargo are gearing up to launch "Paze", a mobile wallet that will connect directly to the credit and debit card accounts of 150 million customers.
The rise of mobile wallets and digital payment solutions by tech companies has been meteoric. Apple Pay, for instance, has seen its user base grow from 60 million to over 500 million in just five years. Such numbers are not just impressive; they're a clarion call for banks to innovate or risk being sidelined.
See: Bank CEOs Defend P2P Payments Network Zelle in Senate Hearing Over Consumer Fraud Handling
As banks are increasingly leaning towards partnerships with fintechs, there are rising concerns from regulators. They are wary of the potential risks these collaborations might introduce, especially in terms of customer data and security.
Paze - Collaboration Over Competition
Paze is not just another mobile wallet. It's a strategic initiative by giants such as JPMorgan Chase, Bank of America, and Wells Fargo. Designed to connect directly to the credit and debit card accounts of a whopping 150 million customers, Paze aims to be the go-to mobile wallet for the masses.
The launch of Paze highlights a significant shift in the banking industry's approach. Gone are the days when banks believed they could individually take on Big Tech and emerging fintech startups. The focus now is on partnerships and collaborations.
Operated by Early Warning Services, the same consortium group behind the successful payments app Zelle, Paze is a testament to the collaborative spirit of traditional banks. It signifies a shift in strategy, where banks are pooling resources to defend their turf against the encroaching Big Tech.
Early Warning announced the recruitment of Cameron Fowler, a top executive from the Canadian bank BMO Financial Group, as its next chief executive. Fowler is expected to join the company in October.
Challenges Ahead
While the optimism around Paze is palpable, the road ahead is not without challenges. The consortium will need to navigate these regulatory waters carefully, ensuring that Paze is not just innovative but also secure and compliant.
See: Will Top of Digital Wallets Threaten Traditional Credit Card Markets?
For Paze to be a game-changer, it needs to offer direct connectivity to customers' bank accounts. This direct connection could give Paze an edge over competitors like Apple Pay, which doesn't hold any funds. However, details about the full functionality of Paze or whether users will be able to access their account information through the app are not yet disclosed.
The mobile wallet space is becoming increasingly competitive, and while Paze is a significant initiative by major banks, it will face competition from several other payment innovations such as:
- Apple Pay Later: In March, Apple announced a new "buy now, pay later" product called Apple Pay Later. Unlike traditional financing, Apple plans to fund this service with its own money rather than using bank financing.
- Elon Musk’s X (formerly known as Twitter): This platform aims to offer banking services to its vast user base, further intensifying the competition.
- Venmo: Owned by PayPal since 2013, Venmo is a popular peer-to-peer payment app. While its payment volume is smaller compared to Zelle, its brand recognition and user-friendly features make it a notable competitor.
- Government Initiatives: Governments worldwide are also looking into creating their own digital payment solutions. Such as FedNow in the US and the Central Bank Digital Currencies (CBDCs) are being explored by various countries as a way to modernize the financial system and provide a state-backed digital currency.
- Other Big Tech Initiatives: Other tech giants like Google with Google Pay and Facebook with Facebook Pay are also making strides in the digital payment landscape.
- International: Globally, there are significant players like Alipay and WeChat Pay in China (enables foreign users), which dominate the mobile payment landscape in their regions.
Looking Ahead
The fintech landscape is undergoing rapid transformation, with both traditional banks and tech giants vying for dominance. As Paze emerges as a collaborative effort by major banks to reclaim their space, it signifies a broader trend of strategic alliances in the face of Big Tech's encroachment.
See: [Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century
However, with continuous innovations, regulatory challenges, and evolving consumer preferences, the future of digital payments remains dynamic and unpredictable. Institutions that prioritize adaptability, user-centricity, and cross-industry collaborations will likely lead the next wave of fintech evolution.
The 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
| | |
|---|---|---|
| | |
Swift and Wise Announce Strategic Collaboration at Sibos 2023 in Toronto
Payments | Sep 20, 2023
Image: Unsplash/Museums Victoria
At the 2023 Sibos conference held in Toronto, Swift and Wise announced a strategic partnership aiming to enhance the global cross-border payment options available to financial institutions and their end customers.
Enhanced Cross-Border Payments
The partnership will allow financial institutions to route Swift payment messages directly to the Wise platform via Wise's Correspondent Services Solution. This integration ensures that Swift customers can leverage the benefits of Wise without undergoing major system overhauls.
Wise will utilize Swift's advanced features, including cloud and API connectivity and Payment Pre-validation.
The hallmark features of Swift GPI, such as the payment status tracker, will be updated by the Wise Platform to ensure a comprehensive end-to-end view across both networks.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
Steve Naudé, Managing Director of Wise Platform:
We know that banks face a number of challenges when it comes to enhancing their international payments, including that this often requires them to embed technology which is incompatible with legacy infrastructure. By simultaneously leveraging existing payments architecture and optimising payouts using Wise's global network, we are empowering banks to innovate effortlessly. Our network, combined with Swift’s extensive reach and trackability, will make international payments more convenient, faster and lower cost for banks, without necessitating a major tech build.
Thierry Chilosi, Chief Strategy Officer at Swift, highlighted Swift's role as a trusted global connector. He believes that collaborations like the one with Wise are pivotal in innovating cross-border payments and expanding the options available to customers worldwide. Such cooperative efforts align with the G20 targets for cross-border payments and aim to ensure the seamless, efficient, and secure movement of value in a fragmented global landscape.
The 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
| | |
|---|---|---|
| | |
[Brookings Event, Oct 6, 2023]: Payments in America for a Digital Century
Brookings | Sep 20, 2023
Image: Unsplash/Igal Ness
Event Overview
Date & Time: October 6, 2023, from 9:00 am to 1:00 pm EDT.
Location (In-person or Online): The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave NW, Washington, D.C. 20036.
Overview: America was once a leader in the adoption of new payment technologies, introducing innovations like credit cards and ATMs. However, in recent times, the country has fallen behind in terms of payment infrastructure. The current system is slow and often imposes costs on users.
See: Payments Canada Delays Launch of Real-Time Rails Again (without a timeline)
With the rise of digitization and technological advancements, there's a significant opportunity to reform the payment system to benefit the economy, promote financial access, and facilitate commerce and trade. However, these innovations also bring regulatory challenges and questions about the role of government and central banks. The event will delve into the current state of U.S. payments and emerging digital asset technologies that could disrupt them. The event is a collaboration between Brookings, Cornell Law, and Vanderbilt Law.
Discussion topics topics include public and private real-time payment systems (FedNow and Real-Time Payments), cryptocurrencies, stablecoins, central bank digital currencies, and more.
See: Could FedNow Outperform Virtually All Existing Cryptocurrency Projects?
Sample Speakers:
Rohit Chopra: Director of the Consumer Financial Protection Bureau.
Christopher J. Waller: Federal Reserve Governor.
Register --> here
The 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
| | |
|---|---|---|
| | |
BCG: APMs Set to Outpace Market Growth by 2X
Payments | Sep 18, 2023
Image: BCG Global Payments 2023 Report
The global payments landscape is on the brink of a major transformation with non-cash alternative payment methods (APMs) to grow twice as fast as the market.
In an era marked by rapid technological advancements, the global payments landscape is undergoing a monumental shift. As we stand at this crucial crossroads, the recent BCG report on Global Payments 2023 'Investor Scrutiny Provokes Moment of Truth' sheds light on the transformative trends shaping the industry. Dive in as we delve deeper into the key takeaways from the BCG report and explore the future of payments.
1. Growth of Alternate Payment Methods (APMs) is pressuring infrastructure providers to diversify
See: Autonomous IoT Transactions and Micropayments
With the global shift towards digitalization, APMs are gaining significant traction. From person-to-merchant transactions to cross-border payments, APMs are expanding their reach. Initiatives like the Immediate Cross-Border Payments (IXB) pilot and the Asian Payments Network (APN) are testament to this growth. As APMs continue to evolve, infrastructure providers must adapt to cater to diverse use cases, from consumer transactions to government payments.
2. Central banks are all over Central Bank Digital Currencies (CBDCs)
Over 90% of central banks are currently exploring the potential of CBDCs. Predictions from the Bank for International Settlements suggest that by 2030, we could witness up to 15 retail and 9 wholesale CBDCs in circulation. These digital currencies promise to reshape the payments ecosystem, offering benefits like enhanced monetary autonomy, financial inclusion, and broader industry applications, including programmable payments and integration into decentralized finance.
3. Open banking is unlocking new possibilities
Open banking is set to revolutionize the way financial data is shared and accessed. With its potential to streamline processes, from customer onboarding to digital identity verification, open banking is poised to offer a plethora of opportunities for both banks and fintechs. Infrastructure providers can play a pivotal role by offering solutions that simplify regulatory compliance and leverage open banking innovations for commercial applications.
See: NatWest Group’s Vision for the Future of Open Banking and 3 Potential Ways Forward
4. Regulators are setting new standards that balance innovation and security
As the payments industry evolves, regulatory bodies worldwide are stepping up their efforts to ensure a secure and level playing field. From the European Commission's draft proposals for Payment Service Regulation to local data storage rules, regulators are setting new standards. Infrastructure providers must stay abreast of these changes, ensuring compliance while also advocating for policies that foster innovation.
Strategic Recommendations for the Future
Choose a Strategic Direction
- Amidst the myriad of opportunities and challenges in the evolving payments infrastructure, it's crucial for players to identify a primary focus.
- While card schemes have built robust networks over the years, diversification is now essential. Exploring areas like B2B payments, account-based payments, and open banking will be vital for sustained growth.
See: UK Government Publishes Recommendations for the Next Phase of Open Banking
- Banks and financial institutions need to ensure their ongoing infrastructure projects are aligned with value creation.
- Tech players should be poised to address emerging trends in decentralized finance and related innovations.
Facilitate Modernization
- Infrastructure providers, with their deep insights into the payments ecosystem, are uniquely positioned to drive modernization.
- They can offer specialized solutions, whether "as a service", embedded finance, or other models.
- Leaders can customize data for open banking, CBDCs, and other explorations to cater to specific target groups.
Forge Partnerships with Policymakers
- Collaboration between industry stakeholders and regulators is paramount to shape the future of payment infrastructure.
- Entities like banks and card schemes can play a pivotal role in enlightening policymakers about the potential risks and rewards of CBDCs, tokenized deposits, and other advancements.
- Regulators, in turn, should be receptive to industry insights, ensuring that their policies bolster rather than hinder innovation and promote the adoption of new payment infrastructures.
Diversify Revenue Streams
- Given the potential commoditization of core infrastructure strategies, providers should pivot towards orchestration-layer propositions and value-added services (VAS) at scale.
- Card schemes have already demonstrated the advantages of transitioning to VAS.
See: The Transformative Impact of Instant Payments on Financial Crime Mitigation
- A diversified solution portfolio can serve as a safeguard against downturns in any specific product segment.
- To deliver these enhanced offerings, a shift from a business-centric approach to a product-centric one is essential, fostering continuous innovation and ensuring consistent value delivery to clients.
The New Payments Landscape is Here
The payment infrastructure revolution is here, and it promises to reshape the future of finance. By staying informed, being strategic, and embracing innovation, industry stakeholders can navigate this transformative era and emerge as leaders in the new financial landscape.
The 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
| | |
|---|---|---|
| | |
Tap-to-Pay Transactions and Big Tech Dominance Is A Thorn for CFPB
Regulation and Competition | Sep 11, 2023
Image: Unsplash/Rahul Chakraborty
The article titled "Report Highlights Role of Big Tech Firms in Mobile Payments" from the Consumer Financial Protection Bureau (CFPB) discusses the influence of Big Tech companies on mobile payments, particularly tap-to-pay functionalities on mobile devices.
The Problem: Tap-to-Pay and Big Tech
Tap-to-pay usage in the U.S. has seen substantial growth, nearing an estimated $300 billion across Apple Pay, Samsung Pay, and Google Pay. It's predicted that digital wallet tap-to-pay transactions will grow by over 150% by 2028.
Apple and google are dominant in U.S. mobile: As of the second quarter of 2023, Apple's iOS was on 55% of smartphones shipped in the U.S., while Google's Android was on 45%.
See: Policy Blind Spot: The Interdependencies of Big Tech and Their Foothold in Financial Services
Regulating access: Apple's iOS devices do not allow third-party payment apps to access NFC technology, making Apple Pay the only option for tap-to-pay on iOS devices. Google's Android, on the other hand, does not restrict third-party payment apps from accessing the NFC chip, but this could change.
Restrictions on tap-to-pay can limit consumer choice and hinder the move towards a more open banking ecosystem. For instance, Apple's NFC policy does not allow direct integration of tap-to-pay into existing banking apps and other payment apps like PayPal, Venmo, and Cash App.
CFPB Efforts
The spotlight is part of CFPB's broader initiative to monitor the transition to open banking in the U.S., including trends in consumer payments and the introduction of multi-service super apps.
See: ISED Launches Competition Act Review: Consultation on the Future of Competition Policy in Canada
The CFPB is working on a rulemaking required by Section 1033 of the Consumer Financial Protection Act to clarify consumers' personal financial data rights. This could speed up the shift towards open banking in the U.S., emphasizing interoperability across consumer financial products and services.
Striking A Balance and Competitive Landscape
The evolving landscape of mobile payments, driven by the policies and practices of tech giants like Apple and Google, underscores the intricate balance between innovation, consumer choice, and market dominance. As tap-to-pay transactions surge in popularity, the regulations set by these leading mobile operating systems play a pivotal role in shaping the future of retail payments.
Read: Canada’s Competition Problem: 7 Reasons
While these regulations can offer streamlined and secure payment solutions, they also raise concerns about reduced consumer choice and potential stifling of innovation. It's imperative for stakeholders, from policymakers to consumers, to stay informed and engaged in this rapidly changing domain to ensure a fair and competitive mobile payments ecosystem.
FAQ
1. How might the restrictions imposed by Apple on tap-to-pay functionality impact the competitive landscape of mobile payments?
Answer: Apple's restrictions on tap-to-pay functionality, particularly its decision to limit access to NFC technology to only Apple Pay on iOS devices, can create a competitive advantage for Apple Pay in the mobile payments market. Given that Apple's iOS holds a significant market share, this can lead to reduced choices for consumers who use iOS devices. Additionally, third-party payment apps and banks might find it challenging to compete on an even playing field, potentially stifling innovation and competition in the mobile payments sector.
See: Monopoly-Friendly Canada ‘Does Not Treat Competition Policy Seriously’
2. How does the growth of tap-to-pay transactions correlate with the increasing dominance of mobile operating systems like iOS and Android in the U.S.?
Answer: The dominant market shares of iOS and Android, combined with the rapid growth of tap-to-pay transactions, highlight the pivotal role these operating systems play in shaping the retail payments landscape. As more consumers adopt smartphones with these operating systems, the policies and practices set by Apple and Google directly influence how consumers make payments. The increasing shift towards mobile device payments underscores the importance of their policies, especially as they can either promote or hinder the adoption of tap-to-pay solutions, impacting consumer behavior and the overall growth trajectory of the mobile payments industry.
The 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
| | |
|---|---|---|
| | |
