It’s time we had a better option

It’s time we had a better option

By Evan Wain

We deserve a better way to use our money digitally. Canadians have adopted digital forms of currency, particularly debit and credit cards, and current electronic cash transfer options are heavily used. Incredibly, Canadians sent over $51 million Interac e-Transfers in the month of March 2020. That works out to 612 million transfers when extrapolated to the entire year. 

This demand will only increase due to the current global Covid-19 pandemic, which is causing Canadians to look at physical forms of money with suspicion and fear. You only have to Google microwaved money to realize that we want a safe currency option in the time of unprecedented social distancing efforts. We have that option for you.

For me, I rarely (if ever) carry cash. If I do have cash, it is literally because someone gave to me. I do also purchase goods second hand, particularly DSLR camera lens. The current options are awkward when dealing with this situation. First, you have to set up a payee in your online banking platform, set a security question, get an email from a random person (or give yours to one), and then hope the transaction completes quickly. But, more often than I would like, it takes upwards of 30 minutes for the transfer to reach its intended recipient. I personally hate small talk, and I'd rather not awkwardly talk to a stranger about how weird it is that the transaction is taking so long. 

Now, I could run to the bank and grab cash, but my bank's branch that is closest to me closed temporarily due to the pandemic. I would have had to drive over 20 minutes to the next closest branch. I could only imagine the time it would have taken if I had to take public transit. And because I use current methods, I pay higher banking fees to enjoy unlimited electronic transfers. If I didn't? I'd have to pay $1 each transaction just to use my own money. I don't use ATM's for exactly that reason, I shouldn't have to pay to use my hard earned cash.

At PAYO, we believe that your money is exactly that, yours. That is why we are offering PAYO users free transfers within platform. That means that you do not pay to send your money to another PAYO user. Not only that, we offer you the ability to take a credit card payment for a small transaction fee. So that awkward encounter buying something second hand? Gone. Instant digital cash transfer between PAYO users. Out for drinks and the server doesn't split your tabs? Pay that and have your friends send you cash right then and there. No more awkward "Brad, please pay me back" conversations, conflict avoided. You're welcome. 

Join us today and see for yourself, PAYO is simple, it's better.