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September 5, 2018 by Chris Giantsopoulos, CEO

Peer-to-Peer Payments is Heating Up

faster-payments-peer-to-peer-payments-canada-payup-jackIn the coming months, peer-to-peer payments are going to drastically change. To some degree, it already has, but for most Canadians the results are not that apparent…yet.

All this change in the peer-to-peer payments space is not only a result of technology moving at warp-speed and international payments industry developments but because Canadians want a “modern” payments ecosystem. According to ongoing studies by Payments Canada, Canadians want “fast payment options” and “easier payments”.

Peer-to-Peer Payments in Real-Time, a REAL initiative by Payments Canada

It has been almost three years since Payments Canada launched their Modernization Payments initiative. There are advantages and disadvantages to having a “centralized” banking system like we have in Canada. One of the disadvantages is that there are many legacy-systems that need to be updated and integrated; this is a good reason why it will take some time to get it right.

Payments Canada has six elements to The Plan:
1. High-Value Payments System
2. Real-Time Rail
3. Retail Payments and Enhanced AFT
4. Global Regulatory Standards
5. Modern Rules
6. ISO20022

At PayUp Jack, we are really excited about the Real-Time Rail component.  It fits right into our product vision: to provide easy, secure and real-time peer-to-peer payments, using a simple credit card-to-credit card transaction.  We are committed to offering "easier payment" tools for Social Organizers, the one person in a group of friends that organizes social activities and needs to collect money from the group.

Specifically, here’s how our strategy aligns with Payments Canada’s goals for the Real-Time Rail project:

Payments Canada
1. Provides faster alternatives to less efficient payments options (e.g. cheques and cash);

down-arrow-green-peer-to-peer-payments-canada-payupjack

PayUp Jack
1. Real-time, credit card-to-credit card transaction;

Payments Canada
2. More convenient payment options using simple identifiers, instead of complex banking information;
down-arrow-green-peer-to-peer-payments-canada-payupjack

PayUp Jack
2. Email as a unique identifier;

Payments Canada
3. Supports last-minute payments (e.g. credit card or bill payments) and provides certainty of receipt;

down-arrow-green-peer-to-peer-payments-canada-payupjack

PayUp Jack
3. Full tracking and reminders tools using the highly secure VISA network.

Payments Canada
4. Innovative platform to develop exciting new customer-facing payment products by allowing broadened access with risk based requirements to ensure safety and soundness;

down-arrow-green-peer-to-peer-payments-canada-payupjackPayUp Jack
4. Full tracking and reminders tools using the highly secure VISA network.

Filed Under: Modernization Initiative, Payments Canada, Peer-to-Peer Payments Tagged With: peer-to-peer payments

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Topics

  • Artificial Intelligence
  • Digital Wallets
  • Fintech
  • Group Money Collection
  • Modernization Initiative
  • Payments Canada
  • Peer-to-Peer Payments
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  • Home
  • Login
  • How PayUp Jack Works
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  • Home
  • Login
  • How PayUp Jack Works
  • Features of PayUp Jack
  • PayUp Jack Fees
  • About PayUp Jack
  • The Brilliant Team
  • Contact PayUp Jack