COVID-19 has made the financial inclusion problem in Canada more pronounced and easier to see and understand. As often is the case in a crisis, change and innovation happen in moments of clarity when forced upon an industry. During his speaking session at the Payments Summit Series, Robert Hyde, President of Payment Source, will explore these themes alongside industry alums Payment Canada speakers Pamela Steer, Chief Financial and Corporate Strategy Officer, and Andrew McFarlane, Executive Director, Modernization.
Up to 15% of Canadians are underbanked1 and with the virus impacting the mobility of Canadians to do daily or everyday activities, including visiting the bank or paying bills, providing new and innovative solutions to them to support their needs is vital to the current economy.
“Small businesses should now be looking for ways to supplement their customer’s increasingly urgent need to have a wider variety of payment options available to suit their changing lifestyle needs,”says Mr. Hyde. “With traditional payment in-person offices closed, or the willingness of consumers to visit the payment locations that are open low, innovation around payment digitization has been pushed from nice to have, to need to have for the SMB”.
Since COVID-19 hit North America, the e-commerce market has seen an increase of orders of 129% year-over-year2. COVID-19 has pushed forward the rise of e-commerce adoption by 4-6 years and now the small businesses who did not traditionally offer this option to their customers need to in order to survive. Eliminating the barriers consumers face in terms of payment options and availability, alongside acknowledging the segment of Canadians who are facing financial challenges with the lack of traditional payment methods, will allow SMBs to innovate in this rapidly evolving market.
Register for the Payments Summit Series here: https://www.thesummit.ca/
Learn more about Payment Source at www.paymentsource.ca
About Payment Source
Recognized as one of Canada's Best Managed Companies for three years in a row, Payment Source empowers inclusion by providing alternative payment solutions to organizations of all sizes to better serve their customers. Learn more about Payment Source at www.paymentsource.ca.
Director, Marketing & Communications