Ontario government supports modern payments
On November 2, 2023, the Ontario Government released its Fall Economic Statement (FES), Building a Stronger Ontario Together, which included support for payment modernization.
“Payments Canada thanks the Ontario government for recognizing the value that modern payments have for Canadians, Canadian businesses and the economy,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Modern payments require modern payment legislation, including amendments to the Canadian Payments Act to broaden access to Canada’s payment infrastructure. Broader access will foster economic stability and affordability through improved innovation and access in Canada’s financial ecosystem. We continue to be hopeful that these critical changes to the Canadian Payments Act will be reflected in the federal government’s upcoming Fall Economic Statement”.
Leaders from across the financial sector have been calling for vital changes to the Canadian Payments Act to broaden Payments Canada’s membership and participation on our systems. By broadening access to include payment service providers, credit union locals, and operators of financial market infrastructures that meet regulatory and legislative requirements, the Government of Canada will foster greater choices and innovation, laying the foundation for important benefits and opportunities for people across the country. For small businesses that continue to struggle with the cost of accepting payments, broader access may lead to lower overall operating costs. For consumers, it could mean more inclusive, accessible and affordable payment options.
Learn more about the benefits and opportunities broader access will provide: Explainer: Why is the financial industry calling for changes to the Canadian Payments Act?