Thank you very much for inviting me here today to share some thoughts on how technological innovations are transforming the world of money and payments. Technology has certainly changed every aspect of life. People now work, shop and stay in touch with each other very differently than even 10 years ago. Technology is also changing the way Canadians pay for things.
Digital payments in the form of debit, credit and prepaid cards are commonplace. We are also seeing mobile payments like Apple Pay and Google Pay, as well as the ability to send money by email. There is even limited use of cryptocurrencies like Bitcoin. The Bank of Canada is looking carefully at how money and payments are evolving.