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Digital payments projected to surge in 2022

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Digital payment services and platforms have been taking the world by storm in the past few years, and this trend is expected to grow even further in 2022. Digital payment, also known as electronic payment, refers to the transfer of money or digital currencies between different accounts using digital platforms such as mobile wallets and payment applications.

An electronic payment, or e-commerce payment system, is any platform that allows two parties to make these financial transactions via the internet. Companies and stakeholders are being compelled to reconsider their strategy as the transition to online transactions accelerates electronic payment options. Additionally, as competition heats up, value-added services may help digital payment providers as well as retailers distinguish out and establish new, diversified revenue streams.

In the past two years, with the COVID-19 pandemic, lockdowns, and quarantines, several factors that include the widespread adoption of online shopping and the increased care with sanitary measures have accelerated the transition towards all sorts of digital payments. Unsurprisingly, the total volume of digital payments has continued to increase at an incredible pace, surpassing in 2021 the $4.1 trillion mark.

With multiple industries, as well as consumers, continuously shifting to online marketplaces and digital shopping habits, the adoption of digital payment keeps rising, especially among the younger generations (notably, millennials), who have completely embraced digital wallet services, contactless payment, peer-to-peer payment applications, and many other platforms.

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Quick transition

Several markets that have always been known for pushing for innovations and technological advancements, have been quickly adopting digital payments to attract new generations of customers. E-commerce is obviously the sector that has benefitted the most from this new trend, but retailers in general have been impacted by it. The adoption of digital payments can also be seen in the online entertainment industry, especially in the video games and iGaming sectors, as gaming marketplaces and even newly-launched iGaming platforms have begun to accept these services as means of payment.

“Shoppers continue to look for easier ways to tap into mobile wallets, digital gift cards, rewards and loyalty points, and as a result, are increasingly seeking retailers that have embraced digital and contactless payments,” said Theresa McEndree, global head of marketing at Blackhawk Network, a global digital payment provider. “Our research shows that consumers around the world are drawn to retailers that offer fast, seamless and secure digital payments. As we start to hit more of a stride in our economic recovery, the winners will be the merchants that cater to the everyday digital payment preferences of today’s shopper.”

Banking institutions and corporations from a variety of industries made digitization a top priority in 2020 and 2021, and this move is resulting in the emergence of digital payment platforms all over the world. Consumers are digitizing their in-store and online purchases as well, bringing in new technologies like contactless payments and digital wallets. Apps like Venmo and Zelle have grown in popularity, according to industry reports, with volume reaching around $400 billion in 2020 as a result of massive user growth.

Mobile payment apps

Mobile digital payment apps allow the transfer of money between users and companies using mobile devices such as smartphones and tablets. Leading P2P providers reported a double-digit surge in monthly app downloads in 2020, a trend that continued into last year, with 30 percent of individuals in the United States signing up for new P2P platforms in the first half of 2021.

These applications are enabled by a variety of technologies, including machine learning and artificial intelligence. As customers continue to use payment applications to make purchases, machine learning technology can investigate and improve these experiences. This improved user experience ensures fraud protection and increased security.

Cash App, Square Cash, Venmo, and Zelle are among the most popular mobile payment applications, and even Meta, Facebook’s parent corporation, has entered this new market.

Digital wallets

A digital wallet is a payment platform that stores users’ credit or debit card information and can be used on mobile devices and personal computers. These wallets are capable of processing credit cards, rewards cards, and memberships, among other features. Consumers are increasingly turning to mobile wallets due to its convenience and potential to decrease fraud.

According to market research, by September 2020, 76% of customers claimed they had increased their use of this payment method, with 43% indicating they had increased it significantly.

Generation Z is more likely to use digital wallets such as Apple Pay, PayPal, and other P2P services; this age group uses these platforms considerably more than other generations and is quickly catching up to older consumers in their adoption of other digital payment services.

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GTA gas prices to jump 14 cents a litre – Toronto Sun

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Gas prices have not been this high since August 2022

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There’s a price shocker coming at the pumps.

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Gas in Ontario, including the GTA, will go up 14 cents a litre overnight for customers filling up on Thursday, says Dan McTeague, the president of Canadians for Affordable Energy.

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“So going from $1.65.9 (per litre) going to $1.79.9,” said McTeague adding the increase will affect the entire province except for northwestern Ontario, which gets its prices from the prairies market.

“That’s the highest level since August, 2022, almost two years ago,” he added.

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McTeague said the reason for the price hike is that stations are switching over to summer-blend gasoline.

“Around this time of year prices go up to reflect the new blend of gasoline, which is more expensive to make,” he explained. “Butane is used in the winter, for gasoline, whereas in the summer it’s alkyaltes. Alkyaltes are extremely expensive.”

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“In the winter you want your ignition to start quickly in cold temperatures, you uses volatile butane. You take that out in the summer. That’s a big difference. This is going to be around for awhile and it could get higher,” McTeague said.

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McTeague also blamed the rise in gas prices in Canada on the carbon tax increase, the rising price of oil, and the weak Canadian dollar.

“It just makes a bad situation worse,” he said. “It’s just another brick in the wall, another load on the camel’s bank. The cost of denying our resources, blocking pipelines, is one of the most significant reasons why the Canadian dollar is so weak.”

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Wildfire sparked by TC Energy pipeline rupture under control – Yahoo Canada Finance

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CALGARY — A wildfire in west-central Alberta that was sparked by a natural gas pipeline rupture is under control, but an investigation into what caused the pipeline to break could take months or even years.

As of Wednesday morning, there was very little fire activity left in Yellowhead County, where a 10-hectare fire burned on Tuesday about 40 kilometres northwest of Edson.

“But for it to be considered extinguished, we’re going to have to hot spot,” said Caroline Charbonneau, area information co-ordinator with Alberta Forestry and Parks.

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“That means we’ll have to dig into the ground, look and feel for hot spots, and then douse it with water. And that could take several days.”

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The fire on Tuesday, which occurred as much of Alberta is dealing with extremely dry early spring conditions, was sparked when a natural gas pipeline owned by TC Energy Corp. ruptured.

There were no injuries, and the fire was never a threat to any surrounding communities. The affected pipeline segment was isolated and shut in and there is no more gas leaking from the pipeline.

The Canada Energy Regulator had inspectors on site Wednesday to monitor the company’s response and the Transportation Safety Board is investigating the incident.

According to CER, there have been 12 natural gas pipeline ruptures in Canada since 2008, and Tuesday’s incident near Edson was the first rupture on that particular pipeline within that time period.

The 36-inch diameter pipe that ruptured is part of TC Energy’s NGTL pipeline system, which transports natural gas from Alberta and northeast B.C. to domestic and export markets. The system spans 24,631 kilometres and connects with TC Energy’s Canadian Mainline system, Foothills system and other third-party pipelines.

The NGTL pipeline system is like a web made up of different lines that have been developed in stages.

In 2022, there was a rupture on a separate part of the system that resulted in an explosion and fire near Fox Creek, Alta. There were no injuries.

A TSB investigation into that incident took more than 14 months, and concluded that the pipeline ruptured due to reduced pipe wall strength caused by external corrosion.

While the primary risk of a crude oil pipeline leak is an oil spill that harms the local ecosystem, natural gas pipeline ruptures can and do result in fires or explosions, said Bill Caram, executive director of the Pipeline Safety Trust, a U.S.-based non-profit organization.

“The chances are extremely high that a molecule of natural gas that enters a pipeline will go through that pipeline without a failure. Pipelines are quite safe, and when you look at incident rates compared to other modes of transportation like rail or truck, they are much less likely to have a failure,” Caram said.

“But what you don’t get a sense of by looking at the risks of pipelines in that way is how catastrophic a failure can be when it does happen.”

According to the TSB, there were 19 recorded incidences of fires related to pipelines in Canada between 2012 and 2022.

The TSB’s most recent report on pipeline transportation safety in Canada states that in 2022 there were 100 companies transporting either oil or gas or both in the federally regulated pipeline system, which includes approximately 19,950 km of oil pipelines and approximately 48,700 km of natural gas pipelines.

That year, there were 67 pipeline transportation accidents and incidents on federally regulated pipeline systems, according to the report.

That number was well below the 10-year average of 112 occurrences, and was also the lowest number of occurrences since 2019, when 52 pipeline accidents or incidents were recorded by the TSB.

The TSB defines a pipeline “accident” as an incident that results in a person being injured or killed, a fire or explosion, or significant damage to the pipeline affecting its operation.

Less severe pipeline events that involve the uncontrolled release of a commodity or a precautionary or emergency shutdown are classified by the TSB as “incidents.”

There have been no fatal accidents directly resulting from the operation of a federally regulated pipeline system since the inception of the TSB in 1990.

This report by The Canadian Press was first published April 17, 2024.

Companies in this story: (TSX:TRP)

Amanda Stephenson, The Canadian Press

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Pearson airport gold heist: Police announce 9 arrests – CTV News Toronto

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Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.

At a news conference Wednesday on the one-year anniversary of the heist, police confirmed that five suspects were arrested and four others are facing charges in connection with the largest gold theft in Canadian history.

Police said the suspects face a total of 19 charges and Canada-wide warrants have been issued for the arrest of three of the suspects who have not yet been apprehended. All of the suspects arrested in connection with the heist have been released on bail, police confirmed in a news release issued Wednesday.

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Peel Regional Police Chief Nishan Duraiappah said the heist was “carefully planned” by a “well-organized group of criminals.”

“This story is a sensational one and one which probably, we jokingly say, belongs in a Netflix series,” he said.

Police said 6,600 gold bars were stolen from Air Canada’s cargo facility on the evening of April 17, 2023 by a suspect who arrived at the warehouse in a five-tonne delivery truck.

The gold, along with about $2.5 million in foreign currency, had been shipped to Toronto from Zurich in the hull of an Air Canada plane and was offloaded to an Air Canada cargo facility shortly after the flight landed at Pearson Airport that afternoon.

Police allege that the suspect came into possession of the stolen gold and bank notes after presenting Air Canada personnel with a fraudulent airway bill.

“The airway bill was for a legitimate shipment of seafood that was picked up the day before,” Det.-Sgt. Mike Mavity, the major case manager for the joint investigation, dubbed Project 24K, told reporters on Wednesday.

“This duplicate airway bill was printed off from a printer within Air Canada cargo.”

A suspect and suspect vehicle are pictured during a news conference about a gold heist at Perason Airport. (Handout /Peel Police)Mavity said a forklift arrived a short time later and loaded the stolen gold and currency into the back of the truck. The suspect then drove off with the gold bars, which were estimated to be worth about $20 million.

Brinks Canada, which was hired to provide security and logistics services for the transportation of the shipment, showed up at the facility a few hours later to pick up the items, police said.

According to investigators, when Air Canada employees tried to locate the container, they realized it was missing and quickly launched an internal investigation. Police were notified about the stolen goods shortly before 3 a.m. the following day, Mavity said.

Air Canada launches probe

An exhaustive investigation followed, police said, with officers reviewing video surveillance footage from 225 businesses and residences in an effort to track the path of the truck, which has since been recovered.

Mavity said that last summer, they identified 25-year-old Durante King-McLean as the driver of the truck but were unable to locate him.

In September 2023, Mavity said King-McLean was stopped in rental vehicle by Pennsylvania State Police near Chambersburg, Pennsylvania.

“After a brief foot chase, he was detained and troopers located 65 illegal firearms in the vehicle,” Mavity said Wednesday.

According to Mavity, investigators believe that the stolen gold was melted down and sold and the proceeds were used to purchase illegal guns for a firearms trafficking operation.

He said members of Project 24K have been liaising with the U.S. Alcohol, Tobacco, and Firearms Bureau (ATF) with respect to this aspect of the investigation.

Speaking at the news conference on Wednesday, a representative from the ATF said the law enforcement agency believes the 65 guns seized during the arrest of King-McLean were bound for Canada.

While King-McLean is currently in custody in the United States, he is now wanted on multiple charges in connection with the gold theft.

“We are alleging that some individuals who participated in this gold theft are also involved in aspects of this firearms trafficking,” Mavity added.

Gold taken during a heist at Pearson airport is shown being loaded into the back of the suspect’s truck in this image taken from surveillance footage released by police. (Peel Regional Police)Officers in Peel Region executed 37 search warrants in connection with Project 24K and police said only small quantity of the gold was recovered. Six gold bracelets, worth about $89,000, were seized, jewelry that police believe was made out of some of the gold that was stolen. Police said $434,000 in Canadian currency was also seized during the investigation. Officers believe that money was obtained through the sale of some of the stolen gold.

Two “debt lists” were found by investigators at separate locations during the investigation, police said.

“A common term in drug trafficking investigations, we believe these lists actually show where the money was distributed when the gold was sold by the suspects,” Mavity said.

He said the names on both lists are “consistent” and police are trying to identify all of those identified.

Six pure gold bracelets worth an estimated $89,000 were recovered as part of an investigation into a gold heist at Toronto Pearson airport and are displayed in this image from Peel police. (Handout)

‘They needed people inside Air Canada’

Police said one current Air Canada employee, identified as 54-year-old Brampton resident Parmpal Sidhu, has been charged with theft over $5,000 and conspiracy to commit an indictable offence. A Canada-wide warrant has been issued 31-year-old Simran Preet Panesar, who police said resigned from his position as a manager at Air Canada back in the summer.

“He has been known to us since early on in the investigation. He actually led a tour for Peel Regional Police before we knew his involvement,” Mavity said Wednesday.

He added that police have an idea where Panesar may be but did not elaborate on a possible location.

Mavity said he believes the suspects needed employees on the inside to carry out the heist.

“Because of their position within Air Canada, in my opinion, yeah they needed people inside Air Canada to facilitate this theft,” he said.A map showing the alleged movements of vehicles during a gold heist at Toronto Pearson Airport is displayed during a news conference Wednesday November 17, 2024. (Handout /Peel police)

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