One of the annexes to this week’s federal budget included three paragraphs on “Supporting an Innovative and Well-Functioning Canadian Payments System.”
The framework would apply to firms providing retail payment activities, the spokesperson said, such as holding onto funds for their users or transmitting payment messages. This would extend to payment card networks and various “non-traditional players,” including financial-technology companies offering such services, the spokesperson added.
Tech giants such as Amazon.com Inc. and Apple Inc. already have payment options on offer. There is also a constellation of start-up and international companies dabbling in payments in Canada — some of which may be currently free from oversight. The new framework would help “level the playing field” by bringing newer players under a regulatory umbrella, according to Payments Canada, the Ottawa-based organization that cleared and settled more than $53 trillion in payments made last year via cheque, debit card, direct deposit and others.
“The proposed oversight framework would apply to payment service providers, some of whom may in the future choose to leverage Payments Canada’s modernization effort to deliver their services,” the finance spokesperson said.
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