Canada is One Step Closer to Becoming a Cashless Country

There is an interesting article about Canadian Payment Processing that was published on Yahoo News the other day by Marc Weisblott.

Marc says,

“Debit card accounts were being compromised across Canada at an alarming rate in recent years: $142 million was reimbursed to victims in 2009, compared to $60 million just five years earlier.

The introduction of Interac Flash will make it possible to pay for items without entering a PIN, allowing small point-of-sale transactions to be completed with a basic wave, even as debit cards receive upgraded security measures.”

You can read the rest of the article here.

It should be very interesting to see how payment processing rolls out over the next decade.  I am sure it will be a mix of wave cards and maybe something connected to our mobile devices.   What are your thoughts on how Canadians will pay in the future…?  Let us know in the comment section below.

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Matthew Hunt has been helping small businesses get set-up with Canadian Merchant Account Services since 2007 and helped 1000's do so. Join Matthew on Google+.

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