Financial flexibility: The power and potential of real-time payments for Canadian consumers
Author
Jon Purther
Director, Research, Payments Canada
Jon’s career encompasses more than 25 years of senior management experience in forensic research and strategic marketing management, including domestic and international assignments. With Payments Canada, Jon is spearheading a team involved in both strategic foresight and product/market research.
Research shows appeal and readiness for real-time payments across demographics and payment scenarios.
Key takeaways:
- Canada’s Real-Time Rail (RTR), a new piece of critical national payment infrastructure, is scheduled to launch in Q4 2026 after a comprehensive testing period, introducing faster and more efficient ways for Canadians to pay and get paid.
- Over half of Canadians (52 per cent) find real-time payments appealing — particularly younger and middle-aged demographics — and over a third (34 per cent) are likely to switch to them once they become available.
- Canadians have clear, practical scenarios in mind for real-time payments, including person-to-person payments, paying credit card bills and emergency cross-border payments.
As the launch of Canada's Real-Time Rail (RTR) approaches in Q4 2026, Payments Canada research indicates a sustained high level of Canadian demand for instant, 24/7 account-to-account payments.
Canadian consumers are showing clear interest and intent to adopt real-time payment options as they become available, citing increased speed, convenience, security and easier budgeting and tracking of payments as top motivators.
Over half of Canadians (52 per cent) find real-time payments appealing, especially among young and middle-aged Canadians (57 per cent and 54 per cent, respectively). Further, over one third of Canadians (34 per cent) are likely to switch to real-time payments once available, and would consider using real-time payments for a variety of reasons.
Primary motivators
Our survey highlights the top scenarios where Canadian consumers see the greatest value for sending real-time transactions:
- Sending money to a person (18 per cent)
- Paying a credit card bill (18 per cent)
- Emergency cross-border payments, such as unexpected medical services while travelling (15 per cent)
- Paying household expenses, such as rent and utilities (13 per cent)
- Sending a tax payment to the government (10 per cent)
The survey also identified the following as the top scenarios where Canadian consumers see the greatest value for receiving payments in real-time:
- Receiving money from a person (15 per cent)
- Receiving a government payment (14 per cent)
- Refunds for cancellations or returns (13 per cent)
- Insurance claim reimbursement (12 per cent)
- Rebates, such as cash back on retail purchases (12 per cent)
To meet this demand for real-time payments and their possibilities for consumers, Canada is preparing for a foundational shift in its payment infrastructure.
Canada’s Real-Time Rail (RTR) is coming soon
The forthcoming RTR is scheduled to launch this year following the completion of a comprehensive testing period. With this new piece of critical national payment infrastructure, Canadians will be able to safely send and receive instant data-rich payments any time of day or night, 365 days a year.
The RTR will make real-time payments a reality for Canadian consumers, saving them valuable time and money, while unlocking a new level of financial flexibility. System participants will be able to offer faster, more efficient ways for Canadians to pay and get paid, and these possibilities will continue to grow as additional features are introduced over time.
Learn more about the benefits, testing and launch timeline for Canada's Real-Time Rail: Real Time, Real Possibilities.
About the study
The data is from Payments Canada’s Payment Behaviour Tracker Study conducted between September and October 2025. The survey included ~1500 participants recruited through Leger’s online panel, with a margin of error +/-2.5 per cent, 19 times out of 20. The respondent sample is weighted to be nationally representative of the adult Canadian population (18 or over).
