Canada’s Scotiabank Expands Mobile Wallet Availability

Scotiabank has announced that four additional mobile network operators and their subscribers will now be able to use the bank’s NFC mobile wallet service after connecting to the EnStream system. EnStream was created in 2012 by Canada’s three largest mobile network operators, Bell, Rogers and TELUS to make mobile payments in Canada interoperable.

Commenting on the deal Almis Ledas, EnStream COO said,

“We are very pleased to add Scotiabank to the card issuing banks we serve. Global organizations are becoming increasingly aware that collaborative platforms are necessary for the growth of mobile payments. EnStream is proud that Canada is recognized around the world as an example of a market that is successfully bringing secure and consistent mobile payment services to market.”

The push for interoperability of mobile payment systems is increasingly becoming a focus for regulators around the world to help drive down costs. In developing countries this interoperability can improve financial inclusion but in markets like Canada interoperability via EnStream has the clear advantage of increasing availability and providing a strong foundation for growing consumer mobile payment adoption.

Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group

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