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SafetyPay forays into Canadian market

International e-commerce online payment provider SafetyPay has teamed up with the Bank of Montreal, the Royal Bank of Canada, TD Bank and Scotia Bank to offer online payment services in the country utilizing the Interac network.

The launch of the service enables shoppers to shop online across the globe, while marking the firm’s foray into the Canadian market.

SafetyPay chief marketing officer Barbara Bibas said the firm aims to give Canadian shoppers the ability to shop globally and pay locally.

Canadian electronic payments sector has witnessed online transactions worth C$196bn of total Canadian gross domestic product (GDP) during the last 25 years, according to a report.

Benefits to be provided by the payment service to customers include privacy, ease of use and security, in addition to enabling better management of finances to pay immediately using available funds from their bank account

Interac develops and manages the Inter-Member Network (IMN), a national payment network that allows Canadians to access their money through automated banking machines and point-of-sale terminals across Canada.

SafetyPay enables customers to execute online purchases from merchants globally and pay directly through their local bank account in their local currency.