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Legislation

Encouraging continued innovation in payments

By Jason Oxman      

Canada’s burgeoning digital economy competes with other jurisdictions around the world and any rush to regulate could chase away investment before it is cultivated. These principles will help encourage continued fin-tech innovation, while ensuring Canadians enjoy safe, fast, and secure payments.

Finance Minister Bill Morneau. According to the Department of Finance, the number of credit, debit, prepaid, mobile wallet and peer-to-peer transactions (P2P) increased exponentially since 2008. In total, retailers in Canada accept more credit, debit, and prepaid card transactions at the register—just shy of C$700-billion last year—than any other form of payments. The Hill Times photograph by Andrew Meade

Financial technology—or fin-tech—has arrived in a big way in Canada. Canadians are using tech-powered payment services in record numbers, for everything from sending money to friends, to calling ride share services and tapping their smartphones at the point-of-sale. According to the Department of Finance, the number of credit, debit, prepaid, mobile wallet and peer-to-peer transactions (P2P) increased exponentially since 2008. In total, retailers in Canada accept more credit, debit, and prepaid card transactions at the register—just shy of C$700-billion last year—than any other form of payments.

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