National critical payment infrastructure: Canada’s economic backbone
Canada’s Real-Time Rail means billions of dollars in GDP gains and a new era of opportunity.
This article was originally published in The Hill Times on October 21, 2026.
Author
Donna Kinoshita
Chief Payments Officer, Payments Canada
As the Chief Payments Officer, 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.
Whether it is a highway or deep-water port, well-designed infrastructure drives opportunity, embodies economic potential, connects communities and accelerates trade. Modern, digital payment infrastructure, like Canada’s Real-Time Rail (RTR), operates on the same principle, serving as a foundation to build opportunity and prosperity. Canada’s RTR is the payment infrastructure backbone that will directly advance Prime Minister Mark Carney’s goal of securing strategic capabilities and positioning payment systems as essential pillars of economic resilience.
Transformative generational infrastructure
Canada’s payment infrastructure is undergoing a generational transformation. In the coming weeks, Payments Canada will launch the RTR, a made in Canada, for Canada real-time payment system. Operating 24/7/365, the RTR will allow data-rich payments to be sent, received, cleared and settled between system participants instantly at any time.
As critical national infrastructure, Canada’s RTR will act as a driver of economic dynamism and growth. This aligns with national strategy. As Prime Minister Carney recently noted in his speeches at the Canada Investment Summit and to the European Parliament, payments represent a core capability essential to Canada's strategic autonomy and economic strength similar to AI, critical minerals and clean energy. Faster and more secure money movements will empower consumers and businesses with greater choice, unlock efficiency gains and generate economic benefits across the country.
Unlocking economic growth
The economic gains generated by modern infrastructure are both immediate and enduring. Recent research from the C.D. Howe Institute estimates the RTR could generate $16 billion in cumulative GDP gains over the next decade, alongside a permanent annual boost of 0.08 per cent to Canada’s GDP. As the system evolves to offer new capabilities over time, these cumulative gains could reach $27 billion over the next 20 years.
This economic potential is rooted in addressing everyday problems for Canadian businesses and consumers. Payments Canada market research shows that 60 per cent of Canadian businesses are ready to adopt real-time payments to resolve cash flow challenges that prevent them from using their money optimally. Furthermore, over half of consumers find real-time payments appealing, with a third indicating a likelihood to switch to providers offering instant settlement.
Driving real-world opportunity
Infrastructure delivers on its potential when it unlocks options Canadians and businesses can use on a daily basis. Across key sectors of the Canadian economy, the RTR will deliver tangible outcomes. For the nearly 4.6 million Canadian gig workers, instant payments offer 24/7 access to earnings, as opposed to delayed deposits or paper cheques. The RTR will support the elimination of the one to three day holding period for transfers between accounts, providing consumers immediate access to their funds which can be invested or be available for faster circulation in the economy.
For small and medium businesses, instant settlement will improve working capital management and reduce reliance on short-term credit. Similarly, real-time insurance payouts will allow providers to disburse funds seconds after approval, delivering immediate financial relief.
A secure foundation
To unlock true economic potential, national infrastructure must be secure and resilient. Trust is essential to widespread adoption and value creation. In the case of Canada’s RTR, speed is backed by security and regulation.
The RTR will launch with centralized, network-level fraud services requirements, including payee confirmation, real-time fraud scoring, central risk lists and fraud reporting. These functionalities are anchored in a robust legal framework of rules and policy, ensuring a secure foundation that enables innovation.
Built together for economic progress
Thoughtful infrastructure creates the conditions for innovation, productivity and long-term economic expansion. As the public-purpose steward of Canada's core payment systems, Payments Canada collaborates with industry partners and regulators to deliver accessible, competitive and resilient infrastructure. Together, we have set the stage for a real-time system tailored to the evolving needs of Canadian businesses and consumers.
To realize the full potential of real-time payments, we look to the government to establish supportive policy frameworks that foster ongoing innovation. Canada’s RTR is a modern, national, critical payment infrastructure that provides the opportunity to create new economic value with every transaction, generating economic momentum for years to come.
