One of Canada’s leading fintech firms Mogo has mapped out plans to launch a mobile peer-to-peer (P2P) payment solution.
The collaboration seeks to enable users to quickly and easily make and share payments with friends and family through Mogo’s mobile app.
David Feller, Mogo’s Founder & CEO commented: “As more Canadians embrace the convenience of a cashless life, we expect to see growing demand for mobile, next-generation payment solutions that let users send and receive money instantaneously from their smartphone.
“The primary method in Canada today – bank-to-bank transfers using Interac – does not offer the digital user experience consumers now expect as evidenced by the rising popularity of Square’s Cash App, PayPal’s Venmo app and others in the U.S. market.
“Peer-to-peer payment is a natural extension of our digital platform and will complement and seamlessly integrate with our other products such as MogoSpend, giving our more than 1 million Mogo members even more utility and value.”
It comes at a time when Canadians rely increasingly on Interac E-transfers for peer-to-peer payments. In 2019, there were more than 486 million of these transactions totaling $169 billion. As more aspects of our lives go digital, these numbers will continue to grow and form a larger part of the almost $10 trillion payments landscape in Canada.
Once launched, Mogo’s peer-to-peer payment solution will be accessible through the Mogo mobile app. Users will be able to quickly link their bank account or debit card and then begin sending and receiving money instantly through the app.
