TORONTO, Oct. 20,
2022 /CNW/ - Starting today, Scotiabank is
simplifying how customers pay for public transit by no longer
counting transaction made when tapping their debit card or mobile
wallet at public transit terminals across Canada. Customers with day-to-day banking
accounts that have transaction limits can now tap their debit card
at the terminal worry-free knowing it won't count against their
allotted number of transactions.
"As more Canadians return to work, school, and travel, public
transit will continue play an important role in the daily lives of
millions of customers and we have a unique opportunity to ensure
they have the best experience when using our debit products." said
D'Arcy McDonald, Senior Vice
President of Payments, Scotiabank. "With 57% of Canadians reporting
to use less cash than before the pandemic1, consumers
have come to expect easier and more convenient digital payment
options, and this is another way we are meeting their needs."
This change is being introduced at a time when Canadians are
increasingly worried about their finances. According to
Scotiabank's quarterly Worry Index, 42% of Canadians are worrying
about paying their day-to-day expenses and 79% said they already
reduced their non-essential spending. Removing public transit
purchases from daily banking accounts will provide noticeable
savings for frequent transit riders like students and families.
Earlier this year, Scotiabank introduced Scotia Smart
Money in Scotiabank's mobile banking app to help customers
understand where they are spending their money, allow them to set
up budgets, flag any concerns and uncover savings opportunities –
all in the palm of their hands.
"We welcome Scotiabank's decision to make transit use easier and
more convenient for millions of Canadians," said William Keliehor, Chief Commercial Officer,
Interac Corp. "Interac® Debit for day-to-day
purchases direct from their bank account is already widely used
throughout the country and we are committed to expanding convenient
debit payments at transit authorities across the country."
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1 Canadian
consumers cautiously optimistic about financial outlook – but
continue to tighten spending, Payments
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About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.3
trillion (as of July 31,
2022), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit http://www.scotiabank.com and follow us on Twitter
@Scotiabank.
SOURCE Scotiabank