Small Businesses in Canada Fast Track Open Banking Adoption

Small business owners in Canada are rapidly adopting new open banking technologies. master Card clarified. We also want to improve access to innovative fintechs to manage our finances.

Mastercard says the upcoming national framework will set the stage for further expansion of the open banking sector, according to a study.

In March 2022, the Government of Canada will Abraham Tachijan Lead the development of the country’s open banking framework. Experts expect the framework in the first half of 2023.

mastercard survey

Small business owners in Canada are increasingly adopting digital financial tools and technologies in their daily operations to drive growth, streamline processes and improve security.

59% of small businesses say they have used new digital financial tools in the last two years. Disabled (90%), Indigenous (79%) and female (71%) small business owners are more likely to use new open banking tools these days.

Two-thirds of business owners are positive about the concept of sharing financial data between agencies and authorized third parties. 80% also called Canada open banking framework You should take your own needs into consideration.

Additionally, 70% of small business owners said they were more likely to use government-regulated tools/technologies in hybrid open banking systems rather than unregulated platforms, demonstrating trust and transparency in the sector. shows the importance of

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Our latest findings reinforce the message we are hearing from small businesses across the country: they need innovative, secure financial solutions to manage their finances, access new capital, and thrive. We want better access to technology. Darrell McMullin, Senior Vice President of Products and Platforms Mastercard Canada.

Mastercard is committed to ensuring the data privacy of Canadians, and by making their data accessible and usable, we can accelerate greater innovation.

When choosing which digital financial tools or technologies to use, small business owners prefer platforms that require little training or experience (61%) versus time-saving (59%) and secure platforms (56%). I like

Fraud prevention and payment verification rank as the most compelling benefits of digital financial tools and technology. Mastercard said this underscores the growing demand for safe and reliable open banking products and services.