SafetyPay enters Canadian market
27 September 2012 | 1963 views | 0
In the Canadian market where electronic payments have driven almost one quarter - or $196 billion - of total Canadian Gross Domestic Product (GDP) in the last 25 years, 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 quickly establishing itself as the primary method employed by Canadians to carry out banking operations and payments.
SafetyPay's international e-commerce payment solution through Interac's online service provides customers with the following benefits:
Privacy - No financial details, card numbers or login information is shared with the online merchant or any third party
Ease of use - Payments are conducted through online banking meaning users don't need to sign up or create any new passwords or accounts
Security - Payments are completed through the financial institution users know and trust
Spending control - The Interac Online service helps better manage finances users pay immediately using available funds from their bank account, unlike credit where they owe money later.
"As we enter into the Canadian marketplace, we are bringing forth our unique marketing and educational programs to both merchants and consumers alike. Our goal is to give Canadian shoppers the ability to shop globally and pay locally," says Barbara Bibas, Chief Marketing Officer at SafetyPay.
Interac is a recognized leader in debit card services and is responsible for the development and operations of the Inter-Member Network (IMN), a national payment network that allows Canadians to access their money through Automated Banking Machines and Point-of-Sale terminals across Canada. Together with SafetyPay's intelligent online payment solution, Canadian merchants' customer base will expand with an international reach of approximately 250 million potential banking customers.