The federal government is trying to help businesses that have lost their digital wallets after losing their bank accounts.
The Government of Canada announced Tuesday it is partnering with Canadian banks to help them get their digital wallet online and to offer new ways for Canadians to manage their digital assets.
The federal office of digital services says the new digital wallet offer is aimed at small businesses that do not have bank accounts, and to help ease the transition for consumers who have lost an account or have been disconnected from their bank account.
The service will allow customers to create a digital wallet for use in their businesses, including their mobile devices, and will offer the option to send money to their mobile device or transfer money to a bank account for cash withdrawal.
“For small businesses who are not yet ready to accept digital money, this digital wallet service will help to simplify the process for their customers,” said Carolyn Bennett, a spokeswoman for the federal office.
“It will enable small businesses to quickly transfer money from one digital wallet to another without any additional information.
This will make it easy for them to move money from their wallet to a mobile device without having to leave their business.”
The digital wallet feature will be available for free to businesses who register online and pay the $15 fee.
Customers will be able to link their digital bank account to their online account.
Bennett said the new service is intended to help small businesses maintain control of their digital accounts.
The service will not be available to businesses that already have a bank, said Bennett.
Digital wallets can be transferred in Canada.
If you lose a digital bank card, you can request a replacement by visiting a digital card transfer centre and paying a $5 processing fee.
This digital wallet is the latest in a string of efforts by the federal government to help companies with lost or stolen digital assets, including in the recent wave of cyberattacks on Target.
The government has been working with Canadian financial institutions to offer these services, but Bennett said it is not a federal government initiative.
The digital wallet and mobile banking feature are part of a broader effort to help smaller businesses maintain a digital presence, Bennett said.
The federal office said the digital wallet will not work on devices running Android, Apple, or Windows operating systems.
The software, called Digital Wallet, will not automatically detect whether the device has been stolen or hacked, and it will not allow users to send or receive money from the device, Bennett added.
A similar service is available for consumers to access online banking for $5, but it is designed for businesses that want to do so online, Bennett explained.
Bennett could not say if the new financial services offering will be rolled out across Canada or across the country, or what the new fee would be.
Other government initiatives, such as the government’s online banking program, have also offered digital wallet services.