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."
1 Canadian consumers cautiously optimistic about financial outlook – but continue to tighten spending, Payments
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.