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The Future of Payment With the Payment Canada Summit 2021

Future of Payments Canada 2021 | Fintech Finance

For the first day to the Payments Canada Summits the tone was set. Payments Canada highlighted payments, fintech, technology and business leaders are here to talk about the future.

Last year, the pandemic are change our world and our life. The bank system had to evolve owing the Covid-19. Our way to payment are change, in particularly in Canada. The goal of the summit is to show the evolution of the payment. The changing are real, the consumer use more bankcard. With the pandemic, and the barrier gesture, everyone were scared to be sick. Bye-bye cash money, welcome to a bankcard and transfer.

The bank sector in Canada are specific. Let’s do a comparison between Canada and Europe. Firstly, in Canada there two cards : a debit card and a credit card. The first is for every day. With this card, you can pay in restaurant, remove money in the distributor, etc… but you can’t pay in Internet. The credit card is to pay with money that you do not have. It’s a credit within a limit set according to your profile. In Europe, we have a mixed between the credit and the debit card. I don’t like the system in Canada. The idea to live to credit, it’s not a French thing. But in Canada people like this system because he is more easy for bankers to accept a credit or not.

The first big interview are between two strong women : Rania Llewelly, President and CEO of Laurentian Bank of Canada, and Tracey Black, President and CEO of Payments Canada. The interview focus on finance after the pandemic, and the changes made. It was very interesting to listen these women talk about the relationship between pandemic, workers, customers, and all that needs to change.

The 2021 SUMMIT themes are :

  • Payments for global change
  • The future of payments is digital
  • The power of payments data
  • Consumer payments
  • Fintech in payments

But others themes are discussed in the diverse conference. You will be to brought to discover a multitude of conference on the democratizing the fight against financial crime, or platform for innovation: connecting the Canadian real-time rail ecosystem with Mastercard, Equinix and Interact.

The banking sector understood this pandemic have created a transition. All the workers was in home, but even if there is no one in the office, we must continue to evolve. It is necessary to give an option for people.

The speakers are varied : 

  • Paul Stoddart, President, New Payment Platforms Mastercard
  • Andrew Higgin, Founder, Payments Centre IBM
  • Kim Salti, Director, North American Business Payment Products Scotiabank
  • Carla Qualtrough, Minister of Employment, Workforce Development & Disability Inclusion Government of Canada
  • Colin Deacon, Senator of Canada 

 

For example, Paul Stoddart presented the future of payment with the RTP (Real-Time Payments). This system is present in more 70 countries around the world. Increasingly of market use RTP. This technologizes revolutionize the payment. It’s more easy and more fast to pay with RTP.

The real-time payment is a revolution for the consumer. The payment is easy, fast and safe. No more need to touch the cash money, no more need to think go withdraw money. For the companies, it’s interesting because they are paid directly. The real-time payment contributes to the innovation et competition. Otherwise, the interaction between customers with their bank changes. We feel more close to our bank, and that it’s important after the year of loneliness we’ve all been through.

This first day is important to understand how one pandemic can impact a sector like bank. But the banking sector did not stand still. The actors are thinking to create a new thing. It’s important to them to recreate a society stable and ready for the future. 

The atmosphere of the summit are very warm. All participants are happy to be here. The participants of the summit could to exchange about a multitude of subject. The event is easy to understand, even if you don’t know about finance and banks. The meeting are very clear, it’s a pleasure to attend.

It’s a new step for the world of the finance et for the bank. The summit continues to Friday, June 04. 

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