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App of the week – nTrust
nTrust Brings Mobile Payments to Canada
When it was announced, Apple Pay attracted a lot of interest and curiosity. Consumers
and merchants alike saw it as a convenient way to pay and receive payment.
Unfortunately, Apple Pay hasn’t made its way to Canada and while Canadian banks are
getting closer to negotiating a successful launch this fall, the timeline remains uncertain.
While we’ve been patiently waiting to see Apple Pay in action, a Canadian start-up has
created an app that brings the mobile wallet to our fingertips.
Based in Vancouver, nTrust offers users mobile payments and money transfers right from
their mobile devices. To use nTrust to make payments or transfer money, a user simply
needs to transfer money into their nTrust account from their bank account and use the
app’s payment and transfer functions. Essentially, the service moves a user’s funds to the
cloud to facilitate moving money around and making payments instantly. The nTrust app
can be used to pay for goods and services at participating merchants and transfer money
to friends and family locally or overseas.
Merchants accepting payments using nTrust will receive payments in real time as
consumers make payments. When a payment goes through, the merchant is notified that
they’ve received the payment. For merchants, the best part of using nTrust is that there is
no sign-up fee or contract. In fact, processing the first $10,000 is free for merchants.
After that, a 1% transaction fee is charged to process payments through nTrust.
When it comes to security, nTrust has passed rigorous testing and is certified to the same
standard as Canadian banks. In many cases, nTrust not only meets international banking
standards but exceeds them.
With nTrust expanding its network of participating merchants every day, it might just
give Canadian consumers and merchants a taste of mobile payments before Apple Pay
makes it across the border.
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