Canadian cash could become a thing of the past.
The country’s mint created a digital version of Canadian money, called MintChip, and nanoPay developed a mobile app to help consumers spend it. Users exchange Canadian money for MintChip just by swiping their phones and, in pilot neighborhoods, pay for goods and services with speed and ease.
Business owners also are pleased. Other phone-based payment systems such as Apple Pay are tied to credit or debit cards. As such, it can take days for funds to reach merchants who must deal with transactions fees as well as risks that cards could be stolen or charges disputed. MintChip, on the other hand, moves value from one entity to another in real time, without an intermediary or settlement. Adds nanoPay CEO and founder Laurence Cooke, "We can do a transaction cheaper and faster and more securely than any other platform on the planet."
If MintChip catches on, and other countries follow, we could see a global rewrite of how consumers think of cash.
NanoPay is just one of the disruptors covered in a new film, print and event series from KPMG and Forbes, “The Great Rewrite,” that takes a closer look at how systemic changes are transforming the way we do business. For more on the Great Rewrite of the financial services industry, visit https://home.kpmg.com/us/en/home/insights/2017/03/the-great-rewrite.html.