Q and A with Shakepay: Efficiency, access and choice

In advance of The 2025 Payments Canada SUMMIT, Shakepay announced its Payments Canada membership. We spoke with Eric Richmond, General Counsel and Head of Business Development at Shakepay, about the importance of the membership and the value it brings to the organization and its users. 

Our key takeaway: Broadening Payments Canada’s membership eligibility and access to our systems, safely, will be a big win — not just for fintechs like Shakepay but for Canadians and businesses from coast to coast to coast.

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What was the motivation behind Shakepay’s decision to join Payments Canada? What is the value of membership for Shakepay?
We’re thrilled that Shakepay Inc., our registered securities dealer, is now officially a member of Payments Canada—a major milestone in our journey to transform how Canadians move money.

With over a million Canadians trusting Shakepay for daily transactions, this membership helps us take the next leap. Direct access to Canada’s payment systems begins with membership. System access will allow us to deliver even faster, more secure and more flexible money movement.

For us, it’s about creating a seamless financial experience that keeps pace with how Canadians live today. Becoming a member brings us closer to building a future where sending, receiving, and managing money is effortless—and truly built for the digital age.

With broader access to our systems coming soon to Canada, from Shakepay’s perspective, how will it benefit Canadians, Canadian businesses and the overall Canadian payment industry?
Opening up Canada’s core payment systems to more players is a big win—not just for us, but for Canadians and businesses across the country.

More access means more competition, which drives innovation, lowers fees and improves service quality. For our everyday users, it translates into quicker, more reliable transactions and a financial experience that connects traditional banking with digital assets like Bitcoin.

In a time when Canadians are keeping a close eye on costs and convenience, this kind of progress is especially important. Businesses will also benefit from faster payments, reduced costs and more flexible tools to scale and adapt.

The real game-changer, though, is the upcoming Real-Time Rail (RTR) system. Once live, the RTR will revolutionize money movement—enabling instant payroll, easier international transfers, and smoother daily payments. While we wait for that launch, we’re staying proactive, developing new ways to bring meaningful financial innovation to Canadians today.

What are some of the biggest opportunities in payments for platforms like Shakepay?
The payment landscape in Canada is evolving fast — and platforms like Shakepay are well-positioned to lead the charge.

The Real-Time Rail (RTR) and open banking represent huge opportunities to create faster, more accessible and lower-cost payment experiences that don’t rely on legacy systems. These changes mean Canadians will be able to move money more efficiently while enjoying greater control over their financial lives.

Access to systems like ACSS and Lynx would allow us to improve settlement speed, but the future lies in seamlessly blending digital assets into everyday transactions.

With open banking on the horizon, Canadians will gain more transparency and choice. It will empower users to share their financial data safely across platforms and unlock a new generation of personalized financial tools. For us, it’s about building on these changes to create a smarter, more inclusive system.

What are Shakepay’s key priorities for the next year? Five years?
In the year ahead, we’re focused on deepening our access to Canada’s payment infrastructure and delivering even faster, more intuitive ways for Canadians to manage their money. Education is a big part of our strategy — we want to empower Canadians to confidently navigate the world of modern payments and digital assets. We’re also  excited about enabling instant conversions between dollars and Bitcoin and launching new features that help people earn, save and spend with digital assets.

Looking further ahead, our five-year vision is to help make Bitcoin a meaningful part of everyday finance. That means advocating for responsible regulation, supporting broader crypto adoption and developing tools that serve both individuals and businesses. We’re modernizing traditional finance and helping shape the future of money — making it accessible, transparent and tailored to real-world needs.

From May 6-8, 2025, Payments Canada will be hosting the payment ecosystem (and Shakepay) at The 2025 SUMMIT in Toronto. What are you looking forward to the most at this year’s event?
We’re looking forward to connecting with innovators, policymakers and financial leaders at The 2025 SUMMIT — it’s a chance to collaborate, share ideas and shape the future of payments in Canada.

We’re especially excited to highlight how crypto-native platforms like Shakepay can drive real progress — whether it’s improving transaction efficiency, expanding access or delivering more choices to Canadians.

As one of Payments Canada’s newest members, we’re ready to bring a fresh perspective to the table. This event is about building momentum behind the big shifts underway and ensuring the systems we build put users first. That’s what we’re showing up for.