Online payments systems developer, SafetyPay, is working with the Bank of Montreal, the Royal Bank of Canada, TD Bank and Scotia Bank, to introduce its online payment service via the Canadian Interac network (view press release). Utilising SafetyPay’s e-commerce payment solution though Interac’s online service, shoppers in Canada will be able to make online purchases via online banking, meaning that they will not have to sign up or create passwords and accounts.
In Canada, electronic payments have amounted to USD196 billion of total Canadian Gross Domestic Product (GDP) in the last 25 years. As a result, online businesses and consumers have faced limitations when it comes to paying online. Banks in Canada have created an environment where almost all online sales are by credit card, however, online banking is establishing itself as an important method employed by Canadians to carry out banking operations and payments.