TOWARDS FASTER, MORE SECURE PAYMENTS
By Mike Bradley
Wednesday, October 28, 2009 
The electronic payments industry in Canada is rapidly and perpetually changing. Long gone are the days of the carbon copy “click click” machine, which was the ubiquitous standard for retailers for many years. Consumers can now pay for goods and services by swiping their magnetic stripe or inserting their chip card into a machine or simply waving their payment card over a contactless system, which can process the transaction in seconds.
For Canadian food service operators, the introduction of new and innovative options in payment systems means a more secure and convenient way to accept payment. Innovation has delivered consumers choice in how they are going to pay. Consumers now have a convenient, secure and widely accepted way to purchase goods and services while operators benefit from the speed, efficiency and guaranteed payment – all without carbon-stained fingers at the end of the day.
The introduction of new debit products into the Canadian marketplace is a prime example of how new and innovative electronic payment choices, which are desired by consumers, are being made available. According to a recent survey by Pollara, 69 per cent of Canadians said it would be good to have more choice when it comes to debit card products.
These new card options provide unique features not currently available to Canadian debit card users, with benefits for both consumers and retailers across the country.
For business owners, this means gaining access to customers that don’t have credit cards or would prefer not to use them. And for customers, this means the ability to pay by debit online, over the phone or when travelling internationally. In the same Pollara poll, 59 per cent of respondents said they would be interested in using a debit card to pay for online purchases.
It goes without saying that people are best served when they have choice surrounding what products and services they use. The ability to innovate in a competitive environment has allowed the electronic payments industry to flourish and will continue to enable food service operators to provide greater convenience and security to their customers.
Mike Bradley is head of product for Visa Canada. In his role, Mike is responsible for the development and management of consumer and commercial products, innovations and technologies for Visa.Prior to Visa, Mike consulted for a wide variety of high profile clients on behalf of NorthCard Inc., a consulting firm he founded. Mike has also held progressively more senior roles at the Bank of Montreal and Canadian Bankers Association.
