NEW PAYMENTS CANADA RULE ENABLES WIDER USE OF DIGITAL DEBIT PAYMENTS

Merchants can now more easily offer debit option as an alternative to cash for small purchases like transit

 

OTTAWA, January 30, 2020 – Though Canada is a global leader in debit card use, Canadian consumers have not been able to use their debit cards for certain everyday purchases, such as transit payments. To offer more flexibility in payment methods for Canadian consumers and merchants, Payments Canada today announced a new rule to enable broader point-of-sale (POS) debit card acceptance. Current debit acceptance requirements, as defined by Payments Canada’s existing rules, require merchants to have consistent online connectivity to accept debit payments making debit impractical for some high-volume, time-sensitive transactions, such as paying bus fare.

The new Payments Canada rule, Rule E5, offers flexibility through delayed authorization, which removes the requirement for immediate online connectivity. Public transit operators, whose business models require quick authorization, were a key reason behind the development of Rule E5.

With delayed authorization, a merchant can now opt to provide a service before a payment transaction is authorized. In the example of a transit operator, this will support a passenger being able to pay and ride without having to wait for payments authorization. Beyond transit, Rule E5 is designed to enable other possible use cases, for example payment at parking meters, payment for on-board purchases (airline/train/ferry) and payment for vending machine purchases. As with other Canadian debit transactions, debit payments in these new scenarios will still be cleared and settled via Payments Canada’s systems.

“We know Canadians want easy, fast, digital payment options and fewer and fewer are carrying cash,” says Andrew McCormack, Chief Information Officer of Payments Canada. “Modernizing the rules framework for payments in Canada will enable merchants and service providers to deliver on these evolving consumer needs.”

Data from Payments Canada’s annual Canadian Payments Methods and Trends Report reveals that debit card use continued to outpace cash in 2018, where Canadians used debit cards for nearly 35 per cent more transactions than cash. Canadians are also now using their debit cards more frequently for their everyday lower value purchases and this trend will only continue with changes to the underlying rule framework.

Interac welcomes the adoption of this new rule which will support acceptance of debit in a broader range of settings including transit fare payments,” Kirkland Morris, Vice-President, Enterprise Initiatives & External Affairs, Interac Corp. “Millions of Canadians already use Interac Debit to securely and conveniently pay everyday; by expanding the ability to pay with debit, Interac is focused on ensuring Canadians can pay how they want, where they want and with their own money.”

“Rule E5 benefits consumers as it enables the ability to offer debit card use to pay for transit and other services where rapid payment is needed,” said Don Mercer, President, Consumers Council of Canada. “Canadians stand to benefit from new secure ways to pay. However, as with all payments choices, consumers should become informed on the terms and conditions before choosing any method of payment.”

To learn more about Rule E5, titled Exchange of Point-of-Service Delayed Authorization Debit Payment Items for the Purpose of Clearing and Settlement, or Payments Canada’s POS payment rules framework, click here. The announcement of Payments Canada’s new rule comes in follow up to public consultation.

 

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About Payments Canada

Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. The organization underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards. The value of payments cleared and settled by Payments Canada in 2019 was over $55 trillion or $218 billion each business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques. Payments Canada is a proud supporter of the Catalyst Accord and the 30% Club.

 

For more information or to schedule an interview, please contact:

 

Ailie Somerville, 613-816-7540, asomerville@payments.ca  

Alissa Liotti, 416-355-7432, alissa.liotti@ketchum.com

 

Spacelist Launches New Engagement Tool for Online Publishers Including Launch on Retail Insider

VANCOUVER, B.C. (PRWEB) JANUARY 16, 2020

Spacelist (https://spacelist.co), a leading commercial real estate listing platform in the US and Canada, has announced a new version of its embeddable listing solution, Spacelist Engine, that is available for online publishers to add to their websites.

Spacelist Engine is able to be integrated into any website, providing a targeted marketing channel for real estate professionals as well as direct access for businesses to search for available commercial real estate for lease and for sale.

“We’re excited to offer free and easy access to available properties by integrating with online publishers,” said Steven Jaffe, CEO of Spacelist. “With listings that can be searched directly on sites such as Retail Insider, we’re able to offer substantially more exposure for listings posted on Spacelist, making it easier for businesses and real estate professionals to discover available spaces.”

Real estate professionals will benefit by being able to add listings for free, which has been made even easier with the growing number of Spacelist’s syndication partners. Increased exposure to these online publishers’ targeted and highly engaged audiences will offer additional qualified lead generation and marketing opportunities.

Retail Insider, Canada’s most-read retail industry news publication with a strong focus on commercial real estate, is one of the first websites to embed Spacelist Engine as a tool for its readers to directly access available real estate without leaving the site. Retail Insider’s extensive landlord and broker readership are invited to upload listings for free to Spacelist, which will automatically be shown on Retail Insider’s portal at http://retail-insider.com/find-space

Craig Patterson, President and CEO of Retail Insider Media Ltd., and Editor-in-Chief of Retail Insider, said, “The new Spacelist platform is dynamic and easy to use, and will be a valuable resource for those seeking to identify available commercial spaces throughout Canada and the US. I encourage brokers and landlords to visit our new Spacelist partner site and to upload new listings. Retail Insider, in partnership with Spacelist, will be promoting this useful tool to the industry which will also represent an expansion of the Retail Insider website, and are thrilled with this new partnership opportunity.”

Spacelist is expanding to other online publishers within a wide range of verticals throughout 2020, as well as continuing to develop its relationship with platforms powering economic development organizations across North America. With the goal of simplifying site selection for small businesses, Spacelist will also soon be launching SimpleLease, which is a platform that will streamline the entire leasing process for smaller commercial spaces.

ABOUT SPACELIST
Founded in 2012, Spacelist's mission is to make commercial real estate more accessible and efficient. Spacelist offers a robust inventory of up to date commercial real estate listings in Canada and the US, making it easier than ever to find great space for your business.

For more information, or to find commercial space, visit: https://www.spacelist.co or email info@spacelist.co

ABOUT RETAIL INSIDER
The leader in showcasing Canadian retail news, opinions, and analysis. Founded in April 2012, Retail Insider is a Canadian go-to source for information on what's happening in the Canadian retail industry. Retail Insider features a team of writers, editors, and retail analysts from across the country.

For more information on Retail Insider, visit: http://www.retail-insider.com or email Craig Patterson at: craig@retail-insider.com

A&W Revenue Royalties Income Fund Adds 44 New Restaurants To Royalty Pool

VANCOUVER, Dec. 6, 2019 /CNW/ - A&W Revenue Royalties Income Fund (the Fund) (TSX symbol AW.UN) and A&W Food Services of Canada Inc. (A&W Food Services) announced today that, effective January 5, 2020, the number of A&W restaurants for which royalties are paid to A&W Trade Marks Limited Partnership (the Partnership) will be increased by 44 new restaurants that were opened across Canada between September 7, 2018 and September 5, 2019, less 7 restaurants that were permanently closed between November 5, 2018 and November 3, 2019. The addition of these 37 net new restaurants brings the total number of A&W restaurants in the Royalty Pool to 971. Since the inception of the Fund in 2002, the number of restaurants for which royalties are paid to the Fund (through the Partnership) has increased by 386 restaurants, from 585 to 971.

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