For Consumers

The majority of Canadians now carry smartphones, and the new NFC mobile payment technology offers:

  • Greater everyday purchase convenience.
  • Same level of ‘card’ security as chip and PIN.
  • Gift card and loyalty card convenience.
  • Instant account credential delivery and replacement.
  • Customer-initiated suspension, restoration.

For Retailers

  • More sales due to greater convenience for customers.
  • Cost savings due to quicker transactions and reduced cash handling.
  • More sales because of increased use of gift cards – both coming into a retail store, but also increased sales of retailers’ own gift cards.
  • No increase in the interchange fees. Whether a customer uses a particular credit card using chip and PIN or uses that same card’s credentials on the customer’s phone, the purchase appears the same to the terminal – it is form-agnostic.
  • There will be some costs to upgrade terminals – but for retailers who have already upgraded to chip and PIN terminals, many are already NFC-enabled – most of the terminals that already permit contactless payment (tap or wave) are ready to go for tap and wave by phone. Others may merely need a software upgrade. EnStream is very conscious of the desire for an open-standard approach to this technology.
  • Enhanced customer data to help increase effectiveness of marketing, displays, etc.
  • Greater ability to introduce customers to promotions, over the phone and in real time.

For Banks & Other Issuers

  • Increased revenue from more credit and debit transactions.
  • Reductions in costs associated with the whole production and distribution cycle of plastic cards – manufacturing, mailing, returning, replacing, etc.
  • Reduction in fraud for payments and identity cards such as licences, health cards.