E-Payments - A Changing Field

The banking industry in Canada is finally acting on the idea of using mobile units like smartphones to make payments. Canada has been lagging in this area for several years now. Details are expected to be announced very soon, possibly even today. This new initiative, having the backing of the banks and telecom companies, is likely to take off quickly. This article summarizes the initiative, which will change the business model of the telecom companies into pseudo banking operations. Rogers has already applied for a banking licence.

Traditional credit cards are still the most common form of payment for e-commerce transactions, although Paypal is running a close second, at least in North America. Worldwide, the payment systems vary, and that needs to be taken into account when venturing into foreign markets. Recently, BMO introduced a new payment system for smartphones and perhaps tablets. Just touch your phone to a cash register add-on device and the payment will be made. It's been slow to develop, but chances are it will be popular. Also, some organizations, including some of the banks, are developing mobile wallets, which will be useful for payments.

This referenced article provides a summary of the forms of payment used in some key foreign markets, It's worth some research if that's where your business is going.