Another financial institution entered the lucrative mobile payment fray Wednesday as Canada’s largest bank teamed up with Interac to demonstrate touch-free debit transactions for smartphones.
With a fast-payment-for-fast-food flourish, Royal Bank of Canada showed off its new Interac application at a McDonald’s restaurant in Toronto using BlackBerry smartphones.
A federal consumer watchdog says some credit and debit card payment companies are breaking rules it created to protect retailers, which in turn could be costing Canadians more money.
The Financial Consumer Agency of Canada issued a warning to the industry on Wednesday that it will not tolerate payment companies who mislead merchants into paying hidden fees or lock them into confusing contracts.
By Jordan Crook
Near Field Communication (NFC) will be ubiquitous one day, but we still have quite a ways to go. Unlike other smartphone features, this requires adoption on a huge scale from just about everyone, which will definitely take a while. But we are getting closer.