Canada embraces digital payments, with some behind-the-scenes help paid Oracle
Like consumers and merchants all around the world, Canadians have embraced digital payments instead of cash and checks, and the growth rate is staggering, as evidenced by statistics provided byDigital payments are used for payments from an individual or business to another individual or business. For example, a person might buy artwork from a gallery in Montréal, using a mobile wallet or an app that person’s bank provides.
Interac was created 35 years ago as an association owned by many of Canada’s financial institutions that operated automatic banking machines , and then launched Canada’s first national debit network and later rolled out contactless payments. Interac now offers a suite of mobile and browser-based services for making both business payments and person-to-person transfers direct from bank accounts.
To accommodate that transaction growth, Interac is migrating its applications into the cloud. Doing so provides Interac with improved scalability and resilience, says Sweers. In the cloud, applications can be split across two or more physical locations, providing disaster recovery resilience and more room for growth.
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