CORRECTION FROM SOURCE: Canadian Fintech Firms Lead Mobile Payment Race

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2015) - This release corrects and replaces the release sent for nTrust on November 3, 2015 at 9:00 AM ET. The text has been updated throughout to reflect nTrust's preferred terminology. The complete and corrected release follows.

Despite recent reports indicating low consumer adoption of mobile payments across Canada, Apple announced last week that it will make its "long awaited" foray up north before the year's end. Surprisingly to many, the technology giant further revealed the mobile payment and digital wallet service will be limited to American Express Card Members - both consumer and merchant - leaving critics wary of significant uptake of the technology upon initial entry.

In fact, recent commentary suggests mobile payment has been slow to take off due in part to lack of accessibility. In order to go cash- and card-less, consumers will require a system that seamlessly links account information from any bank or credit card onto a mobile device supplied by any carrier. As a result, limiting functionality to one financial provider will inevitably restrict some users and may potentially prevent adoption.

While Apple is receiving the lion's share of attention in the mobile payment space, Canada's fintech industry is rapidly gaining speed with an ever-increasing number of startups introducing technology that is evolving current financial services and changing the way consumers interact with money. In fact, a handful of Canadian-born startups have developed technology that solves the obstacles proposed by critics, offering products that seamlessly connect real funds from any account type to a host of platforms.

One example is Vancouver-based nTrust, a mobile payment and person-to-person money-transfer platform that allows users to upload funds into the cloud and pay merchants or peers directly through the touch of a few buttons on their mobile application. Rather than being limited to a sole provider or credit issuer, users can load real funds directly from any Canadian financial institution, credit union, or credit card provider directly into their nTrust Cloud account. Furthermore, while the application is available on both Android and iOS devices, the mobile responsive technology connects users to their account from any linked device, operating on any network.

For nTrust, user adoption has been slow yet steady since launching the app in 2014. While the functionality may be more advanced than Apple Pay, nTrust believes Apple's entry into the market may effectively assist with adoption.

"Significant behavioural changes don't occur overnight," said Rod Hsu, President of nTrust. "That's especially true when it comes to the way people interact with money. Over the last little while we've seen many users dip a toe in the mobile payment pool, so to speak, by trialing mobile payments for small purchases, or at one specific retailer. While the introduction of Apple Pay will certainly change the competitive landscape, we're optimistic that it will encourage more of this trial and that as a result a growing number of consumers become comfortable transacting with their money in a new and innovative way."