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Fintechs Canada encourage Minister of Finance to proceed with retail payments oversight and broader access to payment systems

By: Alex Vronces, Executive Director, Fintechs Canada 

 

The Fintechs Canada submitted a letter to the Minister of Finance, urging the federal government to proceed with retail payments oversight legislation and amendments to the Canadian Payments Act that would broaden access to national payment systems.

“The pandemic has increased Canada’s participation in the digital economy. Paytechs empower Canadians and businesses to better participate in this digital economy, also providing value-added services that help Canadians and businesses meet their financial goals,” the letter reads. “But the outdated public policy regime is putting Canadians’ money at risk, and raising transaction costs in the Canadian economy.”

The letter to the Minister comes in advance of the next federal budget, which is expected on April 19.

The federal government signalled its intent to move on retail payments oversight legislation and amendments to the Canadian Payments Act in 2019. Though it’s 2021, we hope the government continues to recognize the importance of promoting responsible innovation and reducing transaction costs in the Canadian economy.

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