[Perspectives](https://www.payments.ca/insights/news-research?field_article_type=26) # Foreword: Canada’s story, told through payments October 8, 2026 *This was originally published in the* [*2026 Canadian Payment Methods and Trends (CPMT) report*](https://www.payments.ca/canadian-payment-transactions-total-more-12-trillion-2025-real-time-payments-appeal-over-half) *on October 6, 2026.* Image ![Donna Kinoshita headshot](/sites/default/files/styles/cke_media_resize_medium/public/2025-10/DonnaKinoshita_webcropped.png?itok=-stcy2ZJ) Author ### Donna Kinoshita **Chief Payments Officer, Payments Canada** As the Chief Payments Officer, [Donna Kinoshita](https://www.payments.ca/leadership-team/donna-kinoshita) brings more than 20 years of stakeholder and strategic product development experience. Donna is responsible for managing Payments Canada's relationships with its members, stakeholders and regulators, and Payments Canada's communications, policy and research functions. As payments continue to rapidly evolve, Donna and her teams work closely with all industry stakeholders to ensure the Canadian payment ecosystem is inclusive, enables fair competition and supports a thriving Canadian economy. --- ## Key takeaways: - Payments Canada's 2026 Canadian Payment Methods and Trends (CPMT) Report reveals that real-time payments appeal to the majority of Canadians. - Advancements in payments and technologies — such as the forthcoming Real-Time Rail — will enhance Canada's competitiveness in the global economy and support national prosperity. - Key advancements from the past year include expanded Payments Canada membership eligibility, Lynx's full adoption of the ISO 20022 messaging standard and the government's implementation of Canada’s Consumer-Driven Banking (CDB) framework. --- The trillions of dollars and tens of billions of transactions flowing through our national payment systems every year tell a profound story about Canada. They reflect how Canadians live, how businesses operate and how our national economy adapts to a changing world and geopolitical landscape. Through this global lens, modern payment systems have emerged as critical national infrastructure required to drive productivity, strengthen economic resilience and reinforce a nation's competitiveness on the international stage. This reality has elevated payments on Canada’s priority list, as evidenced in the federal government’s [2025 federal budget](https://www.payments.ca/2025-federal-budget-reflects-importance-modern-payments) and [2026 Spring Economic Update](https://www.payments.ca/spring-economic-update-includes-measures-advance-payment-modernization). Both outlined historic measures designed to modernize payment systems in support of national objectives to foster a more robust and competitive Canadian economy. This included direct support for Canada’s forthcoming real-time payment system, the [Real-Time Rail (RTR)](https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system), launching in 2026. The importance of modern payments and the specific role the RTR can play in advancing national objectives was further echoed by the Honourable François-Philippe Champagne, Minister of Finance and National Revenue. On the main stage of The 2026 Payments Canada SUMMIT, he [reaffirmed the government’s dedication](https://www.payments.ca/minister-champagne-reaffirms-governments-dedication-working-all-payment-industry-stakeholders) to working with all payment industry stakeholders to ensure the accelerated development of the RTR’s future capabilities. Modern payments have also moved from technical industry discussions into daily news headlines. Topics such as consumer-driven banking (open banking), stablecoins, cross-border payments, AI and agentic commerce are gaining attention as the financial landscape undergoes its most significant transformation in generations. However, with rapid innovation comes evolving risk. As technology advances and payment methods become faster and more seamless, combatting fraud and financial scams grows increasingly complex. In 2026, three in 10 Canadians experienced scams involving the attempted theft or loss of money and/or personal information over a given 12-month period. Protecting Canadians requires a united front. Payments Canada actively supports national multi-sector initiatives, including the Government of Canada’s establishment of the Financial Crimes Agency, the National Anti-Fraud Strategy and our work alongside industry partners in the Canadian Anti-Scam Coalition (CASC). As [Payments Canada recently emphasized](https://www.payments.ca/speech-remarks-house-commons-standing-committee-industry-and-technology-indu) before the House of Commons Standing Committee on Industry and Technology (INDU), no payment type is immune to fraud, which is why Canada is leading internationally by launching Canada’s RTR with mandatory, centralized fraud services from day one. This will complement participants' internal fraud controls and leverage a network advantage against the ever-evolving tactics of fraudsters. Monitoring payment methods, trends, opportunities and challenges for the benefit of the entire payment ecosystem is at the heart of the Canadian Payment Methods and Trends (CPMT) report’s history. For more than a decade, this report has provided an empirical baseline to inform the industry’s strategic priorities and guide public policy. We gather and share these insights with you because, like fighting fraud, payment modernization cannot be achieved in isolation. Transforming our payment infrastructure for the benefit of our country requires a deliberate, collective "Team Canada" approach that brings together financial institutions, regulators, fintech innovators, consumers, businesses and policymakers toward shared objectives. Since publishing last year’s CPMT report, several of these shared objectives have become reality. To name a few: As a direct result of the expansion of Payments Canada's membership eligibility through changes to the *Canadian Payments Act* in 2025, we have [welcomed more than 20 new members](https://www.payments.ca/payments-canada-welcomes-new-members-membership-growth-accelerates), including, for the first time, payment service providers (PSPs) under the *Retail Payment Activities Act* and local credit unions that are members of a Canadian credit union central. We are energized by the sustained momentum and eagerness from organizations seeking membership, the first step for those who are eligible to participate on our systems, including the RTR. Our high-value payment system, [Lynx](https://www.payments.ca/systems-services/payment-systems/high-value-payment-system-lynx), [achieved full adoption of ISO 20022 messaging standard (MX)](https://www.payments.ca/lynx-achieves-full-adoption-iso-20022-messaging-standard-mx-and-implementation-hybrid-postal) in alignment with the global initiative to discontinue payment instruction MT messages. The adoption of ISO 20022 is an important step in modernizing Canada's payment landscape by allowing electronic payments to carry significantly more information. This is crucial for unlocking many of the benefits of the future of payments. We also welcomed the government’s implementation of [Canada’s Consumer-Driven Banking (CDB) Framework](https://www.canada.ca/en/department-finance/programs/financial-sector-policy/open-banking-implementation/budget-2024-canadas-framework-for-consumer-driven-banking.html). By enabling consumers and small businesses to selectively share their financial data and initiate account-based payments, CDB will fuel innovation and competition within the Canadian financial sector. Combining the openness of CDB with the speed of the RTR will drive further opportunities for more players to build innovative financial products and services. Finally, the possibilities presented by the launch of the RTR—enabling instant, 24/7/365, data-rich payments—will begin to come to life. Through our research, we know that real-time payments appeal to the majority of Canadians because of the speed and convenience they offer. Scheduled to launch in Q4 2026, following robust and successful testing, the RTR will act as a foundation for the Canadian payment ecosystem to innovate and enable a wide range of benefits across the economy. Launching the RTR and accelerating post-launch functionalities and enhancements will help gig workers access their earnings instantly, give small and medium-sized businesses real-time access to funds, speed up loan payouts and help businesses pay their suppliers without delay. I look forward to the possibilities Canada will realize through the RTR–further amplified by broader access to Payments Canada’s membership, ISO 20022 adoption, consumer-driven banking and more–and seeing the positive impact on payment trends and the Canadian economy in future CPMT reports. The launch of the RTR is a testament to what we can achieve when the entire ecosystem collaborates toward a common goal: building a payment system that is faster, safer, and more inclusive for all Canadians. I invite you to explore the findings of the 2026 CPMT report as we continue advancing modern payments together. **Read the** [**2026 Canadian Payment Methods and Trends Report**](https://www.payments.ca/sites/default/files/PaymentsCanada_Canadian_Payment_Methods_and_Trends_Report_2026_EN.pdf)**.** ![Share icon](https://www.payments.ca/modules/contrib/share_everywhere/img/share-icon.svg) - [](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.payments.ca%2Fforeword-canadas-story-told-through-payments) - [](https://x.com/intent/tweet?text=&url=https%3A%2F%2Fwww.payments.ca%2Fforeword-canadas-story-told-through-payments) - [](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.payments.ca%2Fforeword-canadas-story-told-through-payments) [Return to newsroom](https://www.payments.ca/insights/news-research) ## Keep reading [ ![Person sitting down and using their phone](/sites/default/files/styles/article/public/2026-09/PhoneUse.png?h=42912058&itok=8CpXkQbR) Perspectives October 2, 2026 ### Modernizing Canada’s payment infrastructure and safeguarding the... 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