Tokenisation of payments will have a profound impact on retail and business to business payments. Tokenisation schemes can fundamentally change the relationships between the networks, issuers, merchants, application providers, payments processors – and the cardholder. Canadian stakeholders in payments recognize this, and are furiously positioning for their roles in this new world. In particular, the card networks have developed payments tokenisation services for their respective card brands. Visa, MasterCard and Interac tokenisation services are not the only (or necessarily the best) option available to merchants, issuers or processors. What are the true business, product, service and strategic risks and opportunities payments tokenisation offers to Canadian stakeholders? And how should Canadian stakeholders respond? This presentation examines payments tokenisation from the perspective of their fit with the business objectives of Canadian merchants, issuers and processors. It provides a critical assessment of the real value, shortcomings and implications of entering into a tokenisation program. Included in the presentation are the results of a statistically valid Canada wide survey on the market for payments tokenisation. As a result of this presentation, attending issuers, merchants and processors will have received an essential guidance and direction for the development of their tokenisation business case and strategy.
A lot of payment innovations took place in China, Singapore, Japan and Korea in the past 5 – 10 years. Adoption of mobile payment took off at an accelerated pace, especially in China. The WeChat and Alipay ecosystems are growing with more innovative payment technologies that Canadian banks and businesses should pay attention to. What is applicable to the Canadian payment landscape? What are fads vs. real payment innovation?