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FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.
For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.
Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.
Introduction
Attitude of the country towards modern payment services
Social and political climate for modern payment services is positive. We are not aware of any reservations other than anticipating and looking forward to regulations where appropriate.
Legal affairs
Obligations and requirements to provide payment services or ancillary services described above
Payment services may require to register as a Money Service Business (MSB). Whether registration is required or not is a question of fact. MSB applies to any person or business in one or more of the following capacities: (a) Currency dealer or exchanger (b) check casher; or (c) issuer of traveller’s cheques, money order or stored value. Costs vary for MSB entities. For online reservation systems, there are minimal regulations and fees levied are typically a percentage of each transaction or a fixed cost per transaction.
Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area
Payment services have been widely offered and used by customers.
Economic conditions
Market size for payment services and biggest payment service providers
The market is extensive in Canada. Significant payment service providers are: Moneris, Stripe, and major banks.
Additional comments regarding the economic situation for payment services or what FinTech’s must be aware of in this business area
N/A