Department of Finance Consults on a New Oversight Framework for Retail Payments

July 7, 2017 – Ottawa, Ontario – Department of Finance Canada

Innovation is changing how Canadians live and how we work, bringing with it new challenges and new opportunities. Innovation is a major driver of economic growth and prosperity for the middle class—which is why the Government of Canada is supporting innovation across the country.

The financial technology (fintech) industry, along with banks and other financial institutions, is using innovative technologies to make financial transactions more convenient and efficient for millions of Canadians. Innovation is transforming all segments of the financial sector, and retail payments are at the forefront of this transformation.

Given the rapid pace of innovation in retail payment services, a new oversight framework is needed to ensure that payment services remain reliable and safe, and to help support the payment ecosystem to continue to develop faster, cheaper and more convenient methods of payment.

The evolving nature and complexity of retail payments requires a dialogue between the Government and stakeholders to ensure the new oversight framework fosters innovation and competition, and protects users of those services. To encourage this conversation, the Department of Finance today released a consultation paper that invites comments from anyone interested in helping shape the new oversight framework for retail payments.

Comments on the paper should be sent by October 6, 2017, to fin.payments-paiements.fin@canada.ca or to:

Financial Systems Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Canada
K1A 0G5