Canada latest country to address the need for 21st Century payment solution
Leading economies around the world are recognising the need to examine ways to build scalable and robust payments systems which are ready for the growing challenges of 21st Century secure and remote payments.
Canada is the latest country to consider these issues with the publication of The Canadian Task Force for the Payments System Review. Commissioned by the Canadian Ministry of Finance, this 44 page review includes a discussion paper as well as a companion document which outlines 4 possible scenarios.
Canada recognises the need to develop a 21st century payments solution to meet the increasingly different ways consumers wish to pay. Canada intends to lead the way in payments technologies with a key aim being to improve online authentication, security and privacy. Canada sees that by developing a secure payments environment, possibilities around other secure data transactions and information open up.
Secure Electrans welcomes the report and it’s collaborative framework which should enable an open and frank discussion around how best to enable secure in-home payments and other information transactions in the 21st Century.
Nick Horler, non-executive director of Secure Electrans, commented, “ Payments have moved on hugely in the last decade and these high level, strategic reviews are essential if payments infrastructures are to keep pace with the ongoing industry developments. It is also hugely encouraging that Canada recognises the opportunity to develop beyond payments and into the transfer of information. Homepay, our in-home secure Chip&PIN machine, offers the consumer an opportunity to pay with their credit or debit card in a completely secure way, be it through home banking or e-commerce, as well as connect with different utilities and suppliers to ensure reliable, real-time relationships and services. And this is the future of payments – it goes beyond financial into information transactions.”
The full report can be downloaded here:
Posted on 05/08/2011 by Secure Electrans