Mogo, one of Canada’s leading financial technology companies, today announced plans to launch a mobile peer-to-peer (P2P) payment solution that will enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app.
The Company expects to launch the solution in Q1 2021.
“As more Canadians embrace the convenience of a cashless life, we expect to see growing demand for mobile, next-generation payment solutions that let users send and receive money instantaneously from their smartphone,” said David Feller, Mogo’s Founder & CEO. “The primary method in Canada today - bank-to-bank transfers using Interac - does not offer the digital user experience consumers now expect as evidenced by the rising popularity of Square’s Cash App, PayPal’s Venmo app and others in the U.S. market. Peer-to-peer payment is a natural extension of our digital platform and will complement and seamlessly integrate with our other products such as MogoSpend, giving our more than 1 million Mogo members even more utility and value.”
Today, Canadians rely primarily on Interac e-transfers for peer-to-peer payments1. In 2019, there were more than 486 million of these transactions totaling $169 billion2. As more aspects of our lives go digital, these numbers will continue to grow and form a larger part of the almost $10 trillion payments landscape in Canada.
Once launched, Mogo’s peer-to-peer payment solution will be accessible through the Mogo mobile app. Users will be able to quickly link their bank account or debit card and then begin sending and receiving money instantly through the app. Today, Canadians can sign up for a free account through the Mogo app and get convenient access to products that can help them achieve their financial goals and have a positive impact on the planet, including a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, free monthly credit score monitoring, ID fraud protection, bitcoin trading and personal loans.