Canada: the future of mobile payments
Recently, a VentureBeat article put into words what we at Sequent have felt for a long time: that Canada may just be the future of mobile payments. Why is that?
Canada probably has the biggest penetration of contactless-enabled POS systems in the world. A whopping 75 percent of major retailers accept contactless payments. Consumers have also adopted the technology; ten percent of transactions are already contactless, and that’s increasing about one percent a month.
The ubiquitous acceptance and consumer adoption of contactless payments have paved the way for the deployment of Near Field Communication NFC mobile payments.
Enter Rogers, an innovative mobile phone operator that is aggressively pursuing the monetization of mobile commerce. They will deploy millions of NFC-enabled handsets in the coming years to give their consumers the ability to pay with Rogers’ own mobile wallet: the suretap wallet.
The suretap mobile wallet hopes to replace the leather wallet and everything in it. It comes with a prepaid Mastercard, but it is open to all issuers. As a digital mobile payment solution, suretap will have access and connectors to location data, identity, payments, loyalty programs, messaging, personal data, offers and coupons. Also, suretap is not counting on NFC alone. To make sure the wallet is accepted everywhere, it will support 1D and 2D barcodes as well.
Now, many countries have reasonably good penetration of contactless payments and aggressive market-makers like Rogers. The third pillar that is making the growth of mobile payments in Canada possible is the platform: Suretap wallet is built on top of the Sequent Open Wallet Platform.
The Sequent Open Wallet Platform is the world’s first wallet platform with APIs for future scalability to accommodate partners in banking, retail, transit and access control. The Open Wallet Platform enables developers to add payment functionality to existing mobile apps, effectively turning mobile apps into wallets. This openness and compatibility will allow Rogers to accommodate the needs of its partners as it grows and scales, becoming a base of innovation for all mobile payment services throughout Canada.