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It would be awesome if Canada could do this.
“Every time a European taps a card, pays online or splits a bill with friends, the transaction flows through infrastructure owned and operated by American companies.”
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America First is really shaping up to become America Alone
They do not need anybody else. They have said it many times.
So be it. Honestly, the entire world needs to completely pivot away. Completely.
This appears to me to be like etransfer. I would love to see Canada do something similar to this but with etransfer.
Skip WAS Canadian. Founded in 2012, purchased by UK JustEat 2014, JustEat was purchased/merged with takeaway.com(Dutch) in 2020 to form JustEat Takeaway… which is in turn a subsidiary of Prosus(Dutch) which is again in turn owned by South African VC/publishing/media giant Naspers. Naspers was known as Die Nasional Pers until 1998. DNP started as a publishing company, was a major donor to National Party in support of the Apartheid state, an NP may have held significant shares of DNP. Naspers has never acknowledged their connections to apartheid, let alone apologised. Though 127 employees submitted personal statements of apology to the Truth and Reconciliation Committee.
https://en.wikipedia.org/wiki/NaspersI’m not saying we shouldn’t push companies operating in Canada to use Canadian payment infrastructure. I’m saying that we should also be pushing the government to enact stricter foreign ownership laws. So much of Canadian Big Business™ is actually, when you follow the money, American or some other global bigdick-VC…and they’re almost always really horrible.
It would definitely be great to get away from Visa and MasterCard but Canada is significantly smaller than the EU population wise. Even the article says it will be trouble to reach a breaking point to make vendors acknowledge another payment method outside of common credit cards.
Love the idea and I hope the EU can make some waves to move everyone away from US tech.
I wonder if it is possible/ feasible to “piggyback” with Europe? I know this is just fanciful thinking, as I suspect it would be very difficult and expensive to decouple from Visa/ MC & Amex, and there are likely a lot of ridiculously wealthy people that in one way or another profit from the current system, so . . . Still a good thought exercise.
Why not?
Canada should join with most European initiatives.
Why is it easier to integrate to the US than to Europe?
Why is it easier to integrate to the US than to Europe?
Because a lot of Canadian business is actually US business in a trenchcoat. With free trade agreements and lax foreign ownership laws there’s a fair amount of ostensibly Canadian companies that are whole or in part American owned. The whole world is kinda like that actually. Globally we’ve allowed them to conglomerate themselves into every market, and VC themselves into control of way more than they should be.
Funny you mention piggybacking onto Europe as that was my first thought too! The way the article brought up simpler transfers and a digital euro made me think of Canada and e-transfers. There must be some way to make it work.
“Where there a will there’s a way”, and while the population might have the will, business leaders and politicians may not. 😞
I’d be thrilled to ditch American credit cards for a European solution.
Would it also be an option to force companies to spin up separate entities in Europe that has isolated infrastructure?
Not saying it’s a better solution, just curious why countries don’t force companies to break up by region.
The only reason I’m paying with a credit card is because it costs me money to pay with my debit card using Interac. You get a limited number of transactions per month and you get nothing in return.
With Mastercard/Visa, whenever I pay for something I get bonus points that I can use to pay off my bills.
We need to make Interac the choice of payment method to customers. Maybe follow the credit cards’ example.
You also have much better consumer protection with a credit card. Dodgy machine steals your info and runs amok buying stuff? With a CC you contest the charges, get a new card, and the company fights to get their money back. With debit it’s your money, nobody will fight for you.
That’s right! Very good point.
Credit cards are a tax on everything.
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Yep, and better yet, ask your retailer if they take eTransfer. ETransfers don’t cost money to the recipient. Ive beem using them with several businesses locally lately to avoid fees and, importantly, stop giving money to Shop (Shopify) for online purchases at these stores to stop giving the owner more money for hid Canadian take on Project 2025.
Can you do etransfers without having to input an email address? Super annoying to have to set up a payment target every time.
Sadly, no - and BMO will annoyingly rate limit you on adding them sometimes. But I put the effort in because saying FU to payment companies that are anti-democratic is a requirement IMHO in 2026.
Be nice if they could set up an etransfer QR code. Generate code at till, scan with bank app or browser, double check the target and amount, submit.
I believe a phone number will work in most cases.
I might actually explore changing banks for this. My Tangerine debit used to be interac but switched to visa debit at some point.
I never pay by credit card, most CDN retailers have interac as an option as do most banks.
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