May 19, 2020

Are Businesses Becoming More Mobile in Canada?

Mobile payments
tina samuels
Mastercard
Processing mobile payments
Bizclik Editor
3 min
Are Businesses Becoming More Mobile in Canada?

By: Tina Samuels

While most mobile marketing media points to the United States as an innovative place for mobile technology, Canada is a strong market.

Canadians have long been considered by businesses as more open to early adoption of new innovation. In 2012, the country had the one of the highest amounts of mobile payments processed in the world.

As the century moves forward, Canada is becoming a world leader in mobile payment acceptance and utilization.

MasterCard

MasterCard is one of the companies that sees Canada as the place to be. In fact the company is launching a new mobile payment solution in Canada called MasterPass.

This platform will allow vendors and consumers a way to process or use mobile payments with just a tap or two.

The platform is a sort of virtual wallet that allows consumers to enter information from up to 25 credit cards, including MasterCard competitors. Instead of working against competitors (other credit card issuers) MasterPass allows consumers to use their preferred card which makes life easier for consumers. The platform reduces the number of apps a consumer will need on their phone and the number of sign-ins needed to make purchases.

Many shopping carts are abandoned due to onerous sign in policies or purchasing requirements that aren't mobile device friendly. MasterPass aims to make shopping easier online and off.

They hope to reduce the number of abandoned virtual shopping carts with their ease of access and multiple credit card 'wallet' or 'locker'. The company notes that they are not just a credit card company but a payment company.

Read related content: 

Mobile Reference Model

The Canadian Government announced a mobile payments guidelines solution for the entire country in 2012.

The solution was dubbed the Mobile Reference Model and was issued as voluntary guidelines for financial institutions, payment card companies, telecommunications companies, and merchants around the country. The MRM was intended to help all of the companies and consumers work together to safely transfer payments and payment information.

The most used form of mobile payments in Canada is the NFC or 'tap and go' system.

The Canadian Government put together an overview of the system and voluntary guidelines for consumers and businesses. It can be found here.

This document also covers the types of hardware and software that is compatible with the NFC system. Most consumers that use the system have the correct hardware (mobile smart phones), though they need to install the software. Apps are usually available through the smartphone's 'store' app pre-installed on phones. Apps can also be downloaded via the internet.

Future of Mobile In Canada

Finally, the future of mobile payment processing looks exceptionally bright in Canada.

As one of the most technologically progressive countries in the world, Canada has the distinction of being where many companies test-launch mobile systems. MasterCard is taking advantage of Canada's open-minded approach to technology. Other systems from Visa and PayPal are popular as well.

The country's largest mobile phone service provider, Roger's, has plans to expand the number of phones provided that are NFC compatible. Eventually all mobile phones will be able to accept or send mobile payments.

About the Author: Tina Samuels writes for small business owners, giving advice on  how to accept payments and the virtues of social media.

Share article

Jun 8, 2021

Six issues at the top of tax and finance leaders’ agenda

Tax
Compliance
financeleaders
Deloitte
Kate Birch
4 min
As businesses accelerate their transformation journeys, tax leaders are under increasing pressure to add strategic value. Deloitte reveals six tax trends

New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.

According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.

And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.

Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.

Trend 1: Businesses seek more strategic counsel from tax

Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.

According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”

Trend 2: Tipping point for resourcing models

Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.

Trend 3: Digital tax administration is moving faster than expected

in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.

"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."

Trend 4: Data simplification and lower-cost resourcing are top priorities

Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.

At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”

Trend 5: Skillsets are shifting

Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.

Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact 

Trend 6: 2020 brought productivity improvements

Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.

Share article