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“MoneyCell” mobile payment trial launched in Montreal
Google Wallet, Visa Wallet, PayPal and ZoomPass are some of the mobile payment systems you’ve probably heard of. In Canada it’s Zoompass that’s the most common and also backed by Rogers, TELUS and Bell. In Montreal there’s a new player in town called “MoneyCell”. The École de technologie supérieure (ETS) is currently on a 6-month trial in 8 campus shops and operates with an NFC (Near Field Communication) chip on the back of the phone (iPhone, BlackBerry, or Android). Users put money into their MoneyCell account from their bank account and simply scan their device to pay for things (a PIN is required for purchases over $15). The MoneyCell adoption rate is at 7% now and they have plans to expand the trial this fall to local universities and colleges.
Taking a look at the video shows MoneyCell could eventually be the standard choice of payment to ride the bus, transfer funds between accounts, access secured buildings, receive e-coupons, pay for taxis, pay for parking and pay for concerts.
Source: Metro
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14 comments for ““MoneyCell” mobile payment trial launched in Montreal”
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This is so dumb! Why on earth would I want another account that I have to manage?! My credit card already has an NFC chip, I don’t even have to take it out of my wallet. And I get points too!
The only reason they have 7% adoption rate is probably because they force students to use it. Universities are famous for that: forcing students to do things and then claiming how successful the project was!
This will only get interesting when Android/iOS/etc, partnered with the banks, have NFC chips built into the phones with an application that manages your accounts directly and lets you choose which account (credit card, chequeing, etc.) to pay from.
NFC stickers like this (ZoomPass does this too BTW) that work with a separate account are DUMB AS SHIT!
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Dear schulzter,
First, people said : Why pay with credit card, I have cash!
Then, why should I use a Debit Card, I have cash and a credit card.
Later, people hooked their bank account to PayPal to make transactions… Even if they had cash, credit and debit cards.
Since these three payment methods never took off, you are probably right.
Ooops, they did took off! Well, let the future shows how’s right.
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This is the way of the future… Everything in Japan is like this. Screw the stats, the most technologically advanced country is on this system.
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iPhones don’t have NFC…
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iPhones don’t have NFC…yet! When they do, MoneyCell will be ready.
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Dear schultzter, I enjoyed reading your comment. I call it “speculation“ when I read the word FORCE! It really means a lot! Let me clear something for you: the pilot project is NOT in partnership with the university! ETS opened their door for a live lab on their campus and specified (in a 30 page agreement signed by both parties) that the students would subscribe to participate on a VOLUNTARY basis. In addition, I would like for you to explain how you would FORCE people to give their bank info and their void cheque and… force them to go pay!!! FYI… Over 3,000 transactions have been done in our system since February 2011!
On another note, I do agree have to agree that those NFC chips are a TEMPORARY option… until ALL phones and ALL people hold smartphones with NFC enabled chips! And I repeat: TEMPORARY!
Now, if you wish to use your credit card, there is no harm! But did you think that maybe students would like to use other means of payment? These students do not have any revenues (or very little)… so they need to manage their money (money that really exists in their bank account)… while benefiting from discounts, coupons, P2P transfer and a loyalty program (NOT points, but cashback).
Nonetheless, I simply believe that you might not be in our primary target (i.e. 18-30 university student).
Have a good one!
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Great, another way that “hackers” will be able to get into my bank account. I don’t even trust PayPal with my banking info anymore, and I use a no-fee prepaid card for my Mastercard transactions. The easier you make it for money to change hands, the easier it is for it to change hands without you intending it to.
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bullshit you pay fees when you load your money in your pre-paid Mastercard!!!
and many merchant accept only cash because they are exhausted to pay 4%fees to MasterCard and Visa when you pay!!!
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There is absolutely no fee/hidden fee for the customer, even on load/reload/buy actions. Everything is absorbed by the merchant. And as for the merchant, the percentage is much lower than credit cards or even Interac.
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I also love the fact that the PIN is required ONLY for purchases over $15. So basically someone could steal my cell phone (which is on the list of the top 10 items stolen in Canada) and rape my MoneyCell bank account $14 at a time, with no security in place to stop them? Holy hell! You would have to be an i***t to go for that.
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If only it was that simple Jay! Not requiring a PIN for transactions below 15$ has its own benefits. On the other hand, it does NOT mean that we do not keep our eyes wide open! We actually deal with a very reputable firm in Toronto who is in charge to track all money laundering and terrorist financing within our system (if applicable). They also take care of the entire compliance department.
For instance, the last time you visited Merchant A was 6 months ago and today, 3 transactions back to back of less than 15$ have been done at that location. We have the control to send (by surprise) at the next purchase a PIN request (EVEN if the transaction is below 15$)… This is where our strength is! Also, it is very important to note that a person can not empty your bank account as you need to load your MoneyCell account yourself. For instance, if I have 50$ in my MoneyCell account, the hackers can not access my bank account by only my 50$ available. I will pass on the details but I would like to add that there are daily and monthly limits a user can not exceed.
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See this is why this country is sooo far behind others in terms of new technology!! The minute something new is introduced, we have to b***h and complain about hackers, thieves and what not!! If you understood how the system works then you would have nothing to worry about! Why would you only want Zoompass to have a monopoly on this type of payment system??? I say the more the better!!! Where do I sign up???
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Hi Mars, you are right! It always take early adopters like you to promote new technologies! The others will follow… it’s just a matter of time!
To sign up, it’ll be possible among certain communities in the 4th quarter of 2011. Stay tuned!
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