This Week in Payment News – October 22 to 26

October 26, 2018

The temperature might be starting to cool down, but the headlines in the payments industry are heating up! This week we released the third quarter MonerisMetrics Quarterly Report, as well as news coming from BMO, Visa and more!

1. Payment card spending in Canada up 3.4 per cent in the third quarter of 2018

This week our MonerisMetrics Quarterly Report was released, recapping the third quarter of 2018! Spending remained fairly consistent with the previous quarter, increasing 3.4 per cent over the same period last year. Interestingly, some of the industries that saw the most growth were theatrical productions, courier services, and bakeries! Make sure to take a look at this report to learn more.

2. BMO Partners with BioConnect to Launch Biometric Authentication Platform for Commercial and Corporate Clients

One of our founding partners is making waves in the payments space again this week, as BMO has partnered with BioConnect to launch a biometric authentication platform for commercial and corporate clients. This technology allows customers to authenticate transactions using fingerprints, voice, face or eyes via BMO’s desktop and mobile solutions.

3. Visa CEO Predicts 100 Million Contactless Cards in a Year

The United States has been slower on adopting contactless payment technologies than Canada, but with news from Visa’s CEO, that gap may soon be coming to a close. According to Visa’s Chief Executive Alfred F Kelly, Visa expects that there will be over 100 million Visa contactless cards issued in the United States by the end of 2019. With this also comes the news that about 70 of Visa’s top merchants in the United States now accept contactless cards, up by more then 20 in a year!

4. Bank of Canada raises interest rate to 1.75%

The Bank of Canada has raised its benchmark interest rate to 1.75 per cent, a raise of a quarter point for the fifth time since last summer. An interest tare of 1.75 per cent is the highest it’s been in almost a decade, going back to December 2008. This rate filters down directly to Canadians in a number of ways, including how Canada’s banks set their interest rates for loans, mortgages and savings accounts.

5. TD Bank's app continues to be a top choice among Canadians

TD Bank’s mobile app continues to be a top ranker among Canadian users according to a recent silicon valley-based market data firm. The analysis found that TD’s banking app has been a number one performer in terms of active users, downloads and more! A separate analysis also sowed that the number of unique visitors to the mobile portal also increased 70 per cent from Q3 2017 to Q3 2018.

To learn more about the headlines making waves in the payments industry, make sure to take a look at our recaps from October 15 to 19 and October 8 to 12!

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.

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