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SEPTEMBER 2017 ISSUE

CANADIAN BANKER w www.rfigroup.com t twitter.com/RFiMediaGRB

VP Digital Products & Platforms, Interac

RFi GROUP INSIGHT

RFi INTERVIEW

ECONOMY & REGULATION

05 The battle of the PAYs

10 Scotiabank, Koho & The Digital Finance Institute

12 GDP growth three times higher than expected


Welcome to the September edition of the Canadian Banker, a newsletter designed to give you an update on news and trends within the Canadian retail and commercial banking market, contextualized by RFi Group data. The Global Digital Banking Conference 2017 comes to Toronto this month, 14th September, hope to see you there! After editions in Dubai, Sydney, Singapore, Auckland and London, the Canadian edition will gather global and local experts to discuss how to win the customer of the future. This month’s edition of the magazine includes a taste of things to come as executive speakers for the conference share their view on how digital banking is evolving. A significant part of the digital banking revolution is payments and Debbie Gamble of Interac shares her perspective on payments in Canada, with RFi Group Insight Piece determining that status in the ‘battle of the pays’. I hope you enjoy the issue. Kind regards,

Cyrielle Chiron +1 416 644 8524 I cchiron@rfigroup.com


CONTENTS

SEPTEMBER 2017

08

05 12

10

16 20

24 RFi GROUP INSIGHT

ECONOMY & REGULATION

PAYMENTS & TECHNOLOGY

05 The Battle of the PAYs

12 GDP growth three times higher than expected in May

20 HonkMobile integrates Apple Pay across Canada

SAVINGS & BORROWING

SME & COMMERCIAL

16 Senior borrowing increasing

24 Moneris introduces iPad point-of-scale solutions

RFi GROUP INTERVIEW 08 Debbie Gamble, Interac 10 Scotiabank, Koho and The Digital Finance Institute


04 RFi MEDIA


RFi GROUP INSIGHT

THE BATTLE OF THE PAYS WORDS MARK SCHULTZ

T

he Canadian payments space is set for a clash of the titans. Android Pay launched in Canada on May 31st 2017, the last of the major global third-party wallets to launch in the Canadian market, following Apple Pay and Samsung Pay, both launching in 2016. Of these three, Apple Pay was the first to launch, and has a considerable first-mover advantage. On a recent shopping trip to a large Canadian retailer, RFi Group’s General Manager for North and Latin America and the Editor of this very publication, Cyrielle Chiron, noticed a sign explaining what methods of payment were accepted – these included Mastercard, Visa, American Express… and Apple Pay. Directly below the Apple Pay logo was the contactless symbol; for

From the consumer and merchant perspective, the idea of a mobile wallet is clearly increasingly becoming synonymous with Apple Pay. those of us in the industry, we know that this means the retailer has the ability to accept all mobile wallets. However, from the consumer and merchant perspective, the idea of a mobile wallet is clearly increasingly becoming synonymous with Apple Pay.

CANADIAN BANKER 05


RFi GROUP INSIGHT

Canadians still show a strong affinity with proprietary wallets over third-party providers, with just 24% of Canadians preferring third-party wallets compared to a global average of 31%. So, what does the dominance of Apple in this space mean for Canadian financial institutions? On the one hand, the Apple brand is known to inspire fierce loyalty among its customers, and iPhone users may demand the capability from their bank or else consider switching to a bank that does. The growing dominance of Apple Pay also risks crowding out potential competitors; CIBC’s decision to withdraw its mobile payment app from service was driven by the popularity of Apple Pay and Samsung Pay, and the addition of Android Pay to the playing field will only add further pressure on smaller proprietary and third-party wallets.

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However, there are rays of hope for smaller competitors to these global behemoths. According to RFi Group’s Global Digital Banking Council 2017 study, Canadians still show a strong affinity with proprietary wallets over third-party providers, with just 24% of Canadians preferring third-party wallets compared to a global average of 31%. Furthermore, Canadians are generally very loyal to their banks and unlikely to switch financial providers. This suggests that no providers have a clear advantage in the upcoming war for the hearts and minds of Canadian mobile payment users. It remains to be seen whether the ability to load multiple banks’ products into a single wallet and the brand loyalty currently being built by global providers will be enough to overcome the trust Canadians have in their traditional financial institutions and their switching inertia. Another key feature of the mobile payments market is confusion, both from consumers and merchants. In addition to the previously cited example, I have on several occasions seen merchants unsure if they accept mobile payments, or particular wallet providers, but then turn around and happily accept a contactless card payment. From a consumer perspective, RFi Group’s latest Canada Payments Council study


RFi GROUP INSIGHT

shows that only 44% of iPhone users that have made a mobile payment said their most recent mobile wallet was Apple Pay, highlighting that awareness generally around wallet providers and functionality remains low.

Only 44% of iPhone users that have made a mobile payment said their most recent mobile wallet was Apple Pay, highlighting that awareness generally around wallet providers and functionality remains low. The coming year will prove to be extremely interesting for those watching or participating in the mobile payments space. Who will prevail between the global third-party providers and proprietary providers in Canada, and will consumer and merchant understanding improve and help drive growth in the market as a whole? Only time will tell.

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RFi GROUP INTERVIEW

VP Digital Products and Platforms, Interac WORDS SARAH HOLLINSHEAD

8 RFi 08 RFiMEDIA MEDIA

Working together, we are better able to reimagine the payment experience, reinvent business models and transform the way we do business.


RFi GROUP INTERVIEW

R

Fi Group is proud to partner with Women in Payments ahead of their Canadian summit on 26th and 27th September. With payments playing such an important role in financial services innovation across the globe, and with more and more female executives in the space, it is always an honor to meet with inspiring women in payments, such as Debbie Gamble, VP Digital Products and Platforms for Interac. RFi Group discussed with Gamble her experiences in the payments sector so far, and most importantly, her predictions on the biggest movers and shakers in the payments sector. Gamble will be further sharing her expertise as a speaker at the Women in Payments Canada Summit later this month. Tell me about your career and your current position at Interac. I am privileged to have worked with some amazing organizations. My career spans across some of the world’s largest payment and digital transaction companies, co-founding a startup that later IPO’d as well as consulting for some of the industry’s leading payment technology entities. Working in payments my entire career has given me the luxury of working in great places like London, New York, California, and of course, Toronto, which is where I currently call home. As I live in Toronto, Interac is a perfect fit. Interac is in a unique position to deliver innovative payment and digital commerce solutions to all Canadians and I wanted to be a part of that journey. What is it about the current payments industry excites you the most? Where do I start! It is an exciting time to be in payments. Fintech organizations and financial institutions are working together to solve some real great use cases and streamlining the customer experience. That will really accelerate with open banking. At Interac we have begun our open API initiative to allow third party developers to connect their applications to our platforms and services, which we believe will spur creativity and innovation.

I have been involved in the early iterations of digital cash and crypto currencies so the emergence of the Blockchain technology and Bitcoin is a natural evolution of these ideas.

I am a firm believer in the value of distributed network capabilities and the ‘democratization of payments’. I am a firm believer in the value of distributed network capabilities and the ‘democratization of payments’ and I think this type of technology and a focus on openness will have significant impacts on our industry. Which technology do you believe will have the biggest impact on the industry?

In both developed and emerging markets, the growth of the mobile device has changed consumer behaviour and has created a slew of new use cases. The proliferation of mobile phones has significantly changed our industry. In both developed and emerging markets, the growth of the mobile device has changed consumer behaviour and has created a slew of new use cases. A significant component of my team’s time is spent immersed in the mobile landscape to ensure our products continue to be relevant and anticipate

the evolving need of the digital market. Some of the cool things we are currently looking at include conversational commerce, IOT and AI. With more companies entering the fintech/payments space than ever before, how will the eco-system evolve? I think you will see a lot more collaboration and partnerships between fintech players and financial institutions. Working together, we are better able to reimagine the payment experience, reinvent business models and transform the way we do business to deliver new capabilities and better experiences to the market. Has your experience in a tech/finance driven space been affected by being female? Yes, of course - but unfortunately no different than many other female executives in other industries. Over the last few years though, I have seen more women take on higher level executive roles - which is fantastic. Women in Payments has definitely helped showcase female rising stars and industry leaders who are shaping payments in Canada today. However, it still amazes me when I am at a conference and see all male representation on panels. Come on, surely we can do better. What would you say to young females hoping to enter the space today? Payments is an exciting industry to be in and not for the weak of heart. There are many female executives in payments that can help guide you through the industry, players and landscape. If you don’t already have one, reach out to some of the industry leaders and find a mentor. As someone smarter than me once said, ‘The best way to predict the future is to create it’. Follow @RFiMediaGRB on Twitter to keep up to date with the latest interviews and news at RFi Group.

CANADIAN BANKER 09


RFi GROUP INTERVIEW

CAN SCOTIABANK, KOHO AND THE DIGITAL FINANCE INSTITUTE DETERMINE

THE FUTURE OF DIGITAL BANKING? WORDS SARAH HOLLINSHEAD

The power of any new innovation is limited by the consumer demand and a big part of the work that needs to be done is simply educating consumers.

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RFi GROUP INTERVIEW

R

Fi Group research shows that, for the first time globally, digital applications overtook branch applications across retail banking products. This is a game changer, and having the best digital transformation strategy is now more important than ever. At the Global Digital Banking Conference, taking place in Toronto on 14th September 2017, global and local experts will share their knowledge and case studies to help paint a picture of how to win the digital customer of the future. Ahead of the even, three speakers came together to discuss their views on the most pertinent issues in digital banking today. Ellis Odyyn, Chief AI Officer, Digital Finance Daniel Eberherd, CEO, Koho Shawn Rose, EVP Digital Banking, Scotiabank What does the future of banking look like to you? Providing those in need with quick access to affordable financial solutions is really exciting. The balance point of doing this work, while managing the risk profile of a large 185-year-old bank can be daunting, but we believe that we can keep our shape while doing some good. Banking needs to do three things very well; re-orientate to actually solving the customers pains vs driving margin, automatically optimizing our financial lives & be completely unobtrusive. Day-to-day banking is boring enough that we shouldn’t have to think about it.

I’m a millennial and I’m really excited about what the future of banking means for millennials. My generation would rather go to the dentist than walk into a bank for old fashioned financial services. Everything we do is on a smart phone and we (my generation) expect banking to be that way too in a friction free way. To me the future of banking is on a smart phone and is driven by Artificial Intelligence. What technology will most disrupt the market? Without question, AI is disrupting the market in a significant way, causing enormous amounts of changes to banking from closure of physical branches, to onboarding using machine learning techniques, and even chatbots that provide insurance services in less than 2 minutes. AI will significantly reduce jobs in finance and so we have some interesting times ahead. I don’t know that it will be a technology that will ultimately disrupt the industry. Blockchain comes to mind, but that is as much an enabler as it is a potential disruptor. Same goes with chat platforms or peer to peer lending and transfer solutions. We can partner with them. However, what really “keeps me up at night?” Google, Facebook, and Amazon (or all three) entering the marketplace. I don’t think it’ll be a specific technology, as much as a collective process of information dissemination which results in increases in

consumer expectations. The power of any new innovation is limited by the consumer demand and a big part of the work that needs to be done is simply educating consumers. What excites you most about working in FS today? Just how much work there is to do. Even with all the changes we’ve seen of late, most are fairly superficial and just scratching the surface of what’s possible. The future of the technology, and what it means for Financial Services. When I give talks about “what banks need to know from a millennial” to Financial Institutions, the FIs are actually really excited about learning how they can leverage emerging tech and AI to target my age group. I see us moving away from traditional product offerings (cards, mortgages etc.) and more toward a holistic single view of the customer, where services are generated around serious life events. School, marriage, home, children, school etc. A virtuous circle around life journeys. Can a traditional bank make the 5 perfect products for you on this journey? I hope so. Coupled with driving incredible efficiency in creating these products and services, I am really looking forward to what we can bring back to the customer in terms of savings. I see all of this bringing incredible transparency and demystifying finance. It’s a HUGE gap today, but when our products become more human, so will our industry. I’m excited just saying this :)

CANADIAN BANKER 011


ECONOMY & REGULATION

Economy & Regulation WORDS JAMES DAINTY

GDP growth three times higher than expected in May

F

igures released by Statistics Canada show that the economy has expanded by 0.6% in May, considerably higher than the 0.2% increase predicted by economists for the period. Compared to May 2016, this represents a year-onyear increase of 4.6%, the highest since October 2016. The Bank of Canada has in turn raised the overnight lending rate to 0.75%, with their next opportunity to do so coming in September. Due to a 4.6% increase in the mining, quarrying and oil and gas extraction sector, goods-producing industries overall have grown by 1.6%. In fact, two thirds of the overall May growth in GDP is accounted for by the mining, oil and gas sector. Furthermore, there was a rise of 1.1% for manufacturing activity, but this was offset by a 6.3% fall in the activity of real estate agents.

12 RFi MEDIA

Two thirds of the overall May growth in GDP is accounted for by the mining, oil and gas sector.


ECONOMY & REGULATION

Increased infrastructure to improve long term growth The International Monetary Fund’s annual report states that to support growth in both the short and long term, there is a need for greater infrastructure spending, in order to raise productivity. A key starting point as part of the federal government’s infrastructure investment plan is the development of a new Canada Infrastructure Bank (CIB), set to launch later this year. The CIB will work closely with local governments and private sector investors to restructure the infrastructure planning, delivery and funding, using the $35 billion dollars it is currently entitled to invest. With the Canadian economy still growing at a rapid pace, there remains an underlying risk from changes to US tax and trade policies and the Canadian housing market. In addition, the aging population and need for productivity growth emphasises the importance and requirement of infrastructure spending to help increase economic sustainability.

A key starting point as part of the federal government’s infrastructure investment plan is the development of a new Canada Infrastructure Bank, set to launch later this year.

CANADIAN BANKER 13


ECONOMY & REGULATION

14 RFi MEDIA


ECONOMY & REGULATION

Canada adds 11,000 jobs in July July’s data from Statistics Canada shows that 11,000 new jobs were created, matching economists’ forecasts. This increase came as a result of 35,000 full time jobs being added, which was offset by over 24,000 being lost during this period. In a 10-year high, 387,000 jobs have been added to the market since July 2016. When comparing regions, Prince Edward Island, Newfoundland, Labrador and Alberta saw constrictions in the job market whilst Ontario and Manitoba expanded. Sectors that saw the largest falls in employment include public administration, agriculture and education, whereas the increases occurred in manufacturing, retail and IT sectors. As a result, the unemployment rate has fallen by 2 percentage points to 6.3%, the lowest rate evident since before the credit crunch in October 2008; however, this fall was in part due to a lower participation rate, as fewer Canadians were seeking employment. Data from RFi Group’s most recent Canada Priority and Retail Banking Council study also shows increased year-on-year positivity in the employment market, with 26% of Canadians believing that unemployment will not affect them at all over the next 12 months.

HOW CONCERNED ARE YOU ABOUT UNEMPLOYMENT AFFECTING YOU OVER THE NEXT 12 MONTHS? 1 - Not concerned at all 4

100% 15%

80%

19%

60% 26%

40% 18%

2

3

5 - Very concerned

13% 16%

29%

15%

20% 22%

26%

0% H1 2016

H1 2017

Source: RFi Group Canada Priority & Retail Banking Council 2017 H1

CANADIAN BANKER 15


SAVINGS & BORROWING

Savings & Borrowing WORDS JAMES DAINTY

Senior borrowing increasing

B

orrowing is increasing among older members of Canada’s population according to experts at Carleton University. This is being driven by divorces in later life, pension plan failures, spending among dementia suffers and the ease with which credit can be obtained. Other factors that are leading to debt later in life include caring for parents and pressure to help their children get on the housing ladder. A recent survey for HSBC showed that among young

16 RFi MEDIA

Canadians, 37% of home owners funded their mortgage with money from their parents. “There is the worldwide phenomenon of older people who go into debt to help their children,” states Saul Schwartz a professor at Carleton University’s School of Public Policy and Administration. He suggests that a lack of neutral advice may be the issue, continuing “You can talk to your bank. But if the advice is free, it’s probably not unbiased.”

Senior borrowing is being driven by divorces in later life, pension plan failures, spending among dementia suffers and the ease with which credit can be obtained.


SAVINGS & BORROWING

Sun life offers new retirement plan Sun Life Assurance Company of Canada intends on introducing a new target date product in 2018, which will offer greater results for group savings plan members. The product has already launched in markets such as Australia, South Africa and the USA, and by partnering with Dimensional Fund Advisors, it will now be made available in Canada. By accounting for characteristics such as the savers’ other pensions, savings and salary levels on top of their risk or age, a tailored solution can be obtained which will aim to better match the saver’s preferred income on retirement and aid in reducing their income gap. Data from RFi Group’s Canada Priority & Retail Banking Council shows that 36% of Canadians currently have a registered retirement savings plan. Bespoke retirement solutions such as this could have the potential to elevate the uptake of this product, and potentially allow Sun Life Financial to steal market share. According to Thomas Reid, Senior Vice-President, Group Retirement Services, Sun Life Financial Canada; “We’re helping Canadians plan for a retirement income based on three key decisions: how much income is needed, how much can they save each pay period, and at what age they want to retire,”. He continues “This solution customizes the investments for the plan member, automatically adapting as their personal needs and circumstances change, and manages income risk as they approach retirement.”

WHICH OF THE FOLLOWING FINANCIAL PRODUCTS DO YOU HOLD IN CANADA? Registered retirement savings plan By age 60% 50%

45% 42% 39%

40%

36%

35%

30%

27%

20% 12%

10% 0% 18 - 24

25 - 34

25 - 34

25 - 34

25 - 34

25 - 34

25 - 34

36% of Canadians currently have a registered retirement savings plan. Bespoke retirement solutions such as Sun Life’s could have the potential to elevate the uptake of this product, and potentially allow Sun Life Financial to steal market share.

Source: RFi Group Canada Priority & Retail Banking Council 2017 H1

CANADIAN BANKER 17


SAVINGS & BORROWING

6.7% reduction in Canadian home sales Sales of homes across Canada fell by 6.7% between May and June, the greatest reduction in 7 years. Actual sales were down 11.4% compared to this time last year. Greater Toronto saw a larger 15.1% drop, and according to the Canadian Real Estate Association (CREA), this is the primary driver of the national sales slump. Sales have reduced as the Ontario government has adopted measures such as taxing foreign buyers at a rate of 15%, and nationally the number of new homes

18 RFi MEDIA

listed fell by 1.5% in June compared to May. Gregory Klump, Chief Economist at the CREA, stated: “The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their preapproved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages.�


SAVINGS & BORROWING

CANADIAN BANKER 19


PAYMENTS & TECHNOLOGY

Payments & Technology WORDS JONATHAN RUSTON

HonkMobile, a parking payment app, integrates Apple Pay across Canada

H

onkMobile, a leading provider for on-demand mobile payments and parking reservations has integrated Apple Pay as part of its payments platform. Within the HonkMobile app, customers receive 15-minute reminders prior to the expiration of a parking session, whereby customers can then pay for and add additional time remotely. As a result of this integration, users will now have the capability to make this payment via Apple Pay. Michael Back, Founder & CEO of Honk, noted: “Launching Apple Pay builds on our mission of providing customers with a seamless and secure payment experience for parking. Integrating Apple Pay with Honk gives new and

existing customers more choice to securely pay for parking and we are confident it will meet the needs of drivers across Canada. Initial response has been overwhelmingly positive”. Despite overall mobile wallet usage in Canada being relatively low, usage has increased by 3 percentage points over the last 12 months, up from 10% to 13%. Furthermore, Apple Pay remains the most popular mobile wallet, with 38% of those that make payments using a mobile wallet, do so via Apple Pay. This suggests that, with Canada’s most popular mobile wallet now integrated, HonkMobile may see an increase in usage as well as serving existing consumer demand to make payments via this channel.

HAVE YOU EVER MADE A PAYMENT BY TAPPING YOUR PHONE AGAINST A MOBILE TERMINAL USING ANY OF THE FOLLOWING MOBILE WALLETS? Mobile wallet users 60% 40%

38%

18%

20%

14%

13%

11%

9%

7%

5%

Amex Pay

Desjardins Mobile Payment

2%

4%

Koho

Other

0% Apple Pay

RBC Wallet

CIBC Mobile Payment App

Meridian Mobile Pay

Scotiabank My Mobile Wallet

UGO Wallet

Source: RFi Group Canada Payments Council 2017 H1

20 RFi MEDIA


PAYMENTS & TECHNOLOGY

Skype and PayPal partner to offer integrated payments PayPal and Microsoft have partnered to add a new payment service for Skype users. The new service will enable users to send money to family and friends during conversations. The feature relies on PayPal to make the transfer and users must link their Skype and PayPal accounts to make an exchange. This new option is being made available on both Android and iOS devices using the latest version of Skype’s mobile app across 22 countries, including Canada. It is important to note that the new feature is designed for P2P transfers as opposed to a means of paying for goods and services. This partnership with Skype is the latest in a string of initiatives by PayPal which has been designed to grow the company’s ecosystem and usage of their mobile wallet offering. Other recent partnerships include Apple, Visa, Mastercard and Samsung Pay.

CANADIAN BANKER 21


22 RFi MEDIA


PAYMENTS & TECHNOLOGY

Masterpass to be made available on Costco Online Costco has announced a partnership with Mastercard in a move that will make Masterpass available on its website, Costo. ca. Costco has become the latest online merchant to accept Masterpass, following companies such as Air Canada, Indigo and Landmark Cinemas in recent months. As a mobile wallet, Masterpass eliminates the requirement to type in card details when shopping online, as payment information is stored within the Masterpass platform, making payments more user friendly. Iain McLean, Senior Vice President, Canada Market Development at Mastercard commented: “Canadians are increasingly shopping online and expect an experience that is fast, convenient and secure. With Masterpass available at Costco.ca, members get the checkout experience they have come to expect with Masterpass, plus the excellent offers available from Costco�.

Canadians are increasingly shopping online and expect an experience that is fast, convenient and secure. Iain McLean, Senior Vice President, Canada Market Development, Mastercard

CANADIAN BANKER 23


SME & COMMERCIAL

SME & Commercial WORDS JONATHAN RUSTON

Moneris introduces iPad point-ofscale solutions

M

oneris has introduced a range of iPad point-of-Sale (POS) solutions to facilitate business efficiency for retail and restaurant businesses and those transferring from online to physical stores. The overall aim is to help businesses set up payment systems quickly. Businesses will also have access to Moneris Concierge Services, a point of sale contact to facilitate an easy and efficient transition to the new solution. Via the Moneris iPad POS solution, businesses will be able to customize the service dependent upon their operation. The options include PAYD Pro Plus for retail environments, TouchBistro designed for restaurant and food companies, and the Shopify POS Solution, which can facilitate expansion from online to a physical store environment. Jeff Guthrie, Chief Sales and Marketing Officer, Moneris, commented: “Small businesses in Canada underpin our economy, but there’s a reluctance toward adopting newer technology that could actually help their businesses. These businesses need and want help, and we’re here to deliver solutions to help them succeed and grow”.

24 RFi MEDIA


SME & COMMERCIAL

Borrowell raises $12 million in latest funding round Toronto-based FinTech, Borrowell, has raised $12 million in equity funding. The online lender announced in July that it had secured $45 million in credit facilities with Conentra and FirstOntario Credit Union. Co-founder and Chief Executive of Borrowell, Andrew Graham, has stated that the funding will be put towards marketing campaigns and an increased number of loans and credit score monitoring. The FinTech, which went live in 2015, primarily issued online loans but has subsequently added free credit score monitoring to its services. Andrew Graham commented: “We’ve reached about 300,000 Canadians with our business, and we’re really looking to scale that number, we’re also continuously evolving our technology and making it better. That included increasingly applying artificial intelligence in our technology”.

We’ve reached about 300,000 Canadians with our business, and we’re really looking to scale that number, we’re also continuously evolving our technology and making it better. Andrew Graham, CEO, Borrowell

CANADIAN BANKER 25


SME & COMMERCIAL

26 RFi MEDIA


SME & COMMERCIAL

Visa’s cashless business plan could arrive in Canada Visa has announced plans, titled the “Visa Cashless Challenge”, whereby the company is encouraging businesses to stop accepting cash payments. Although Visa has not yet committed to bringing the program to Canada, there is certainly scope for doing so in the near future. Currently, the program is offering retailers across the United States $10,000 (C$12,700) to implement digital payment technologies, as long as the retailer stops accepting cash, meaning the business would only be able to accept payments via either debit or credit card and mobile wallets such as Apple Pay and Android Pay. Visa’s Head of Merchant Solutions, Jack Forestell, said “With more than 5 billion people connected via a mobile device, we have an excellent opportunity to educate merchants and consumers alike on the effectiveness of going cashless”. Data from RFi Group’s Canada Payments Council study shows that 40% of Canadian consumers can envisage a scenario whereby they would stop making cash payments, with these consumers believing on average that this will be 3.5 years into the future. Visa’s initiative therefore seems in line with consumer sentiment and uptake is likely to be high.

CAN YOU IMAGINE A SCENARIO WHERE YOU WILL EVER STOP USING CASH ENTIRELY BECAUSE ALL OF YOUR PAYMENT NEEDS WILL BE MET BY OTHER WAYS OF PAYING? Yes

No

I am not sure

100% 14%

20%

80% 60%

47%

40%

40% 20%

39%

40%

H1 2016

H1 2017

0%

Source: RFi Group Canada Payments Council 2016 H1 & 2017 H1

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ABOUT RFi GROUP

RFi Group is a global intelligence and digital media provider focusing exclusively on financial services. We specialise in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our aim is to combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service. OUR BRANDS

Covering 44 key global markets with regional offices in San Francisco, Toronto, London, Singapore, Hong Kong and Sydney, RFi Group consistently provides clients with tailored advice and independent intelligence relevant to their specific markets and business needs. EXCLUSIVE FOCUS ON BANKING AND FINANCE RFi Group’s expertise and deep understanding of the banking and finance sector delivers high-value outcomes. Our areas of expertise include: Retail Banking Mortgages Transaction Accounts Savings Accounts Consumer Lending Cards and Payments

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Profile for Adelle Grisaffe

Canadian Banker - September 2017 Edition  

An RFi Group Publication

Canadian Banker - September 2017 Edition  

An RFi Group Publication