Canadian government urged to open up access to payment systems

The letter asks Minster Chrystia Freeland to amend the Canadian Payments Act to expand Payments Canada membership to eligible credit unions, PSPs and financial market infrastructure entities.

The signatories - including the Canadian Bankers Association, Canadian Credit Union Association, Fintechs Canada and Payments Canada - say that the country's regulatory framework "has not kept pace with global and domestic payment developments".

Expanding access to the country's payments systems will drive competition, says the letter, adding: "Healthy competition in payments is the catalyst for innovation and will support Canada’s competitiveness globally, leading to improved payment products and services for Canadians and Canadian businesses."