PAYD: Another iPhone Mobile Payment System Enters The Canadian Market

In the past, we’ve had a look at both the Kudos Payments and the Payfirma mobile payment systems. Today though, a heavy hitter enters the ring, calling itself PAYD.

PAYD makes a pretty strong case to start accepting credit cards on your iPhone (or BlackBerry or Android… if you’re into that). The service offers the usual abilities to pop a reader into your device and start taking payments wherever you do business. The difference offered by PAYD? Canadian credit and debit card processing juggernaut Moneris Solutions is behind it.

Moneris processes more than 3 billion transactions on over 350,000 merchant machines each year in North America so PAYD is bringing with it some serious peace of mind when it comes to fraud claims and security.

The Wall Street Journal quotes Jim Baumgarner, President and CEO of Moneris:

“Traditionally, many smaller entrepreneurs including artists, photographers, residential cleaners and artisans have missed out on sales because they could not accept credit cards,”

“Moneris is committed to developing new and innovative solutions to help merchants of all sizes,”

“We are one of the only credit and debit card processors in Canada to own, operate and deploy virtual solutions and products that offer merchants the security and reliability they expect when accepting payments.”

I found a couple of other interesting details on the PAYD Twitter account after becoming their 12th follower. No contract and free credit card readers available during launch time.

It doesn’t appear that PAYD has announced the fees associated with the service but, based on the information we have, can you see yourself making the leap into mobile payment technology?