Expanding Membership Eligibility in Payments Canada

Current Status: Open

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Payment systems underpin all economic activity in Canada. To meet the needs of the growing digital economy, the Government of Canada is undertaking a comprehensive, multi-track, payments modernization that balances responsible innovation with the safety and integrity of the financial system.

This consultation paper seeks views and feedback on proposals to amend the Canadian Payments Act to expand membership eligibility in Payments Canada to payment service providers supervised under the Retail Payment Activities Act; credit union locals that are part of a central or cooperative credit association; and, the operators of financial market infrastructures designated and overseen by the Bank of Canada.

Specifically, we want to hear from you on:

• Expanding membership eligibility in Payments Canada;
• Considering select governance provisions, such as committee representation; and,
• Undertaking a comprehensive review once newly eligible members have had an appropriate opportunity to join Payments Canada.

We also invite you to submit any additional comments or feedback relevant to the scope of this consultation. Send us your official documentation by email or by mail.

Send us an email

fin.payments-paiements.fin@fin.gc.ca with Membership Consultation as the subject line.

Participate by mail

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

Who is the focus of this consultation?

Through this consultation, we want to hear from stakeholders, civil society groups and members of the public.

What's next?

Our conversation doesn't end here.

We'll be collecting your feedback into a report that summarizes what we heard, some or all of which may be made public. This report will also be provided to the Minister of Finance, Associate Minister of Finance and departmental officials. They will consider your input alongside the research our economists have been doing to help inform decisions on payments modernization initiatives.

Those providing comments are asked to indicate clearly the name of the individual or the organization that should be identified as having made the submission. In order to respect privacy and confidentiality, please advise when providing your comments whether you:

• consent to the disclosure of your comments in whole or in part;
• request that your identity and any personal identifiers be removed prior to publication; or
• wish that any portions of your comments be kept confidential (if so, clearly identify the confidential portions).

Information received through this comment process is subject to the Access to Information Act and the Privacy Act. Should you indicate that your comments, or any portions thereof, be considered confidential, the Department of Finance will make all reasonable efforts to protect this information.

Related links

Report on the Review of the Canadian Payments Act, 2018

Get in touch

fin.payments-paiements.fin@fin.gc.ca