EY CANADA
“ Our mission statement in EY Canada Payments is to bring about change through provocative thinking , innovative solutioning and creative partnering ”
DIANA HALDER PARTNER , PAYMENTS
PRACTICE LEADER , EY CANADA
Canada ’ s largest merchant acquirers , networks and paytechs – to create a new open-source standard for moving money via a quick response code ( QR code ).
“ As a result of the pandemic , there has been a spike in movement towards digital or online payments as small-and-mediumsized businesses looked for cheaper and flexible money movement options .”
She suggests that the impetus is now on everyday Canadians to maintain the pressure on their banks and financial institutions , to be relentless in their pursuit of more convenient and robust payment solutions . “ As Canadians , we ’ re very easygoing . We don ’ t pound the table when we don ’ t get what we want . Americans demand innovation , they demand competition . In Canada , not so much . We still have some of the highest telco bills , and we still get charged for our checking accounts .”
In everything that it does , EY Canada ’ s objective is to be a ‘ change agent ’ – as demonstrated in the collaborative approach that it ’ s been taking in the last few years . “ Our mission statement in EY Canada is to be a ‘ change agent ’ within payments . We want to help bring about change through provocative thinking , innovative solutions and creative partnering – not just with our clients but also our vendors and regulatory bodies .”
A prime example of this is the QR code work , developed during the pandemic , which will soon be recognised as Canada ’ s standard by its payments network owner and operator . This open-sourced standard is more accessible and cost effective to acquire and process payments , as compared to existing options . For smaller merchants , a QR code payments system opens up new possibilities because their mobile phones can be used to accept payments without having to pay for expensive infrastructure and technology , allowing financial inclusion for Canadian merchants who still cannot accept card payments .
Embedded payments will define the future One of the most promising areas of innovation , as they see it , lies in embedded payments . This API-enabled capability allows household names to offer convenient money movement experiences . It allows non-banks to offer digital wallets ; nonlenders to provide credit at checkout or when budgeting ; and non-insurers the ability to distribute insurance , when you ’ re renting
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