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Payments Wiki - Canada
Statistical Profile of Country
Local News
- AOL Launches AOL On in Canada
- SecureKey to Demonstrate Secure Mobile Payment and Authentication Solutions at Mobile World Congress 2013
- EnStream to Enable SecureKey Authentication Technology on Bell, Rogers and TELUS Smartphones in Canada
- CIBT Reports Planned Share Buy-Back
- Autoblog Canada and Unhaggle Partner to Deliver Market-Leading Car Shopping Tools
Major Milestones (Origins & Key Innovations)
- 1984 - Automated Banking Machines introduced by five financial institutions giving greater access to cash dispensing
- 1990 - INTERAC Direct Payment debuts at Point of Sale
- 1994 - INTERAC becomes available nationally
- July 1996 - Payment Clearing and Settlement Act (PCSA) proclaimed by Parliament
- Bank of Canada given responsibility for oversight of payments and other clearing and settlement systems in Canada, for the purpose of controlling systemic risk
- 2000 - INTERAC debit surpasses cash as the preferred way to pay
- 2001 - Development of the Canadian Payments Association (CPA)
- Owns and operates the Automated Clearing Settlement System (ACSS) and the Large Value Transfer System (LVTS)
- Includes the Bank of Canada, domestic banks and authorized foreign banks
- 2005 - Payment industry in Canada agreed to migrate all card products to Chip & PIN
- 2007 - EMV certification of card products began
- November 2008 - Canadian Competition Commission announced the end of the rule that prevented duality of issuing
- 2009 - RBC becomes the first dual-card issuer in Canada, offering both Visa and MasterCard
- September 2009 - Canada passes the Canadian Cost of Borrowing rules regarding credit card issuing
- April 2010 - Parliament issued the voluntary Code of Conduct Rules for Canadian Payments
- June 2010 - Minister of Finance announces Task Force for the Payments System Review
- Review all methods for payments for safety, soundness and efficiency of the payment system, and innovation
- Recommendations to be presented by the end of 2011
- September 1, 2010 - Effective date for Cost of Borrowing Rules
Recent Developments
- Visa under fire for new debit card, November 5, 2010
- Discover to expand card acceptance in Canada, October 26, 2010
- Western Union, EnStream Announce Strategic Alliance to Launch International Mobile Money Transfer Service, September 20, 2010
- CIBC to offer Canada's first Visa debit card, October 18, 2010
- Canada Delays Ultra-Secure Payment Card System, October 1, 2010
- MasterCard Poised to Gain Market Share in Canada, Analyst Says, September 15, 2010
- BMO and Sobeys Inc. Strike Partnership to Offer Grocery Shoppers More Rewarding Credit Card Products, September 9, 2010
- New credit-card rules in effect, September 1, 2010
- Electronic Benefit Card Soon Available For Civil Servants, July 15, 2010
- CIBC not to renew agreement with Global Payments, June 21, 2010
- Interac Launches Flash - Adding Contactless to Canadian Debit Cards, June 17, 2010
- CIBC to buy Citigroup's Canada MasterCard business, June 15, 2010
- Wal-Mart Canada Launches Credit Card, Plans Additional Banking Products, June 15, 2010
http://www.businessweek.com/news/2010-06-15/wal-mart-canada-launches-credit-card-plans-more-bank-products.html - TD Aims To Beat Competitors With More Mobile Offerings, June 11, 2010
- Moneris Adopts Canada's Code Of Conduct, May 14, 2010
- TD Bank customers have 'app'-etite for iPhone banking, April 30, 2010
- Canada launches first Muslim credit card, April 14, 2010
- SelectCore Launches Iridium MasterCard; Canada's First Reloadable Prepaid Card Sold at Retail, February 9, 2010
- Moneris, DimpleDough Form Gift Card Partnership, January 15, 2010
- Cellphones may replace credit cards, November 26, 2009
- Citigroup to sell BMO a Diners Club business, November 24, 2009
Interesting Facts
- Canada was the first G-10 country (now the G-20) to adopt legislation that specifically requires the central bank to oversee the control of systemic risk in major payment and other clearing and settlement systems.
- Purchases at merchants on all general purpose cards (credit, debit, prepaid) accounted for 91.9% of total dollar volume in 2009. The remaining 8.1% came from cash. (Source: The Nilson Report, March 2010, Issue 944)
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