Protecting systems is essential, but all the firewalls in the world are useless against the modern hacker who targets human weaknesses instead of digital ones.
Citing the latest data from its Small Business Recovery Dashboard (Jul 22), the Canadian Federation of Independent Business (CFIB) reported a slight uptick in recovery, with 62% of small businesses fully open vs 58% a week ago. The number of fully staffed businesses edged higher (37% vs 35%), as did the number of those making normal sales (26% vs 24%).
Though many local retailers are encouraging contactless payment or in-app purchases, cash is still preferred in some scenarios – such as servers who are more likely to get their tips immediately or SMBs with low cost of handling cash vs cards.
General Purpose Reloadable (GPR) cards, which are used as a bank account alternative, recorded 10% growth in 2019, driven by new fintech companies offering digital banking and payment solutions on the prepaid platform.
Canadian consumers are changing their banking habits to reduce physical contact with others because of COVID-19. 26% of survey respondents had increased their use of contactless payments and 42% per cent have decreased their use of cash (vs 22% in US).
PayPal launched QR code payments in Canada, enabling contactless mobile payments through the PayPal app, with zero transaction fee till Sept 30th.
IBM report on the benefits and challenges of payments transformation, highlighting lessons from key modernization initiatives across the globe.
E&Y and Payments Canada report from 2018 focusing on identifying how the current payments ecosystem affects Canadian businesses through process inefficiencies.