Internet Payments
Recent years have witnessed substantial growth in the use of both Internet and electronic documents. Information is flowing more freely than ever before. Goods and services are now being bought and sold electronically. Increasingly, business communications are being conducted online and are adapting their operations to an electronic environment.
Internationally and in Canada, the widening application of the Internet in commercial transactions is evident. Current statistics reveal that $195.39 billion (CDN) in revenue was generated by global Internet commerce of which Canada accounted for 6.8% of the world share. By 2004 total global revenue from Internet commerce is expected to reach $3.9 trillion.
The potential growth for this industry is also bolstered by the fact that more than 55% of Canadians are currently accessing the Internet. Given the astronomical growth in this relatively new business phenomenon, it is important to assess its implications on the Canadian consumer. Undeniably, the most controversial policy issue affecting consumers and the one that has received the most attention is the issue of privacy.
In Canada, the federal government responded to this area of concern with the passage of Bill C-6 on April 13th, 2000. The legislation aims to protect the privacy of personal information on individuals held by the private sector, to ease electronic commerce and to give clear legal status to certain electronic documents. Although steps have been taken domestically, an international response is also necessary in order to alleviate any problems with cross-jurisdiction regulatory issues that may arise.
Consumer privacy i ...