The following story is exciting when you realize two things... First I think this is PayPal for Canadian Banks. I say I think because I have not seen it yet. If they open the ability to receive money to anyone, not just stores, then it is PayPal.
Second it offers direct payment to people you still write cheques to. The piano teacher, the swimming teacher, your brother... I hate writing cheques, and having to mail them. I still write about 10 a month, down from probably 30. I will welcome the chance to reduce that even further.
Canadian Banks Finalizing Plans To Offer Debit Shopping Online
Halifax Live, Canada - Online shopping has become so popular over the last few years that Internet storefronts are providing stiff competition to their traditional real-time counterparts. But as Internet shopping increased, there was one group of potential shoppers who found themselves locked out of making online purchases - those who for various reasons did not own a major credit card.
Enter Interac Online, a new service for Canadians being finalized by Canada's major banking institutions. The Royal Bank of Canada is expected to be the first to offer this new service to its customers by the end of May. Banks to follow will be the Bank of Nova Scotia, Bank of Montreal and Toronto Dominion Bank with Canadian Imperial Bank of Commerce scheduled to offer early in 2006.
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