Department of Finance Consults on a New Oversight Framework for Retail Payments

July 7, 2017 – Ottawa, Ontario – Department of Finance Canada

Innovation is changing how Canadians live and how we work, bringing with it new challenges and new opportunities. Innovation is a major driver of economic growth and prosperity for the middle class—which is why the Government of Canada is supporting innovation across the country.

The financial technology (fintech) industry, along with banks and other financial institutions, is using innovative technologies to make financial transactions more convenient and efficient for millions of Canadians. Innovation is transforming all segments of the financial sector, and retail payments are at the forefront of this transformation.

Given the rapid pace of innovation in retail payment services, a new oversight framework is needed to ensure that payment services remain reliable and safe, and to help support the payment ecosystem to continue to develop faster, cheaper and more convenient methods of payment.

The evolving nature and complexity of retail payments requires a dialogue between the Government and stakeholders to ensure the new oversight framework fosters innovation and competition, and protects users of those services. To encourage this conversation, the Department of Finance today released a consultation paper that invites comments from anyone interested in helping shape the new oversight framework for retail payments.

Comments on the paper should be sent by October 6, 2017, to fin.payments-paiements.fin@canada.ca or to:

Financial Systems Division
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Canada
K1A 0G5

Quick Facts

  • According to Payments Canada:
    • Canadians made roughly 20.9 billion retail payment transactions in 2015, worth more than $8.9 trillion, up from $7 trillion in 2008;
    • The number of cash transactions fell by 30 per cent between 2008 and 2015, while the number of electronic transactions grew by 44 per cent;
    • From 2008 to 2015, the number of debit and credit card transactions increased by 40 and 69 per cent, respectively; and
    • The number of online e-wallet and electronic person-to-person transactions has increased over 1,000 per cent between 2008 and 2015.

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Media may contact:

Chloé Luciani-Girouard
Press Secretary
Office of the Minister of Finance
chloe.luciani-girouard@canada.ca
613-369-5699

Media Relations
Department of Finance Canada
fin.media-media.fin@canada.ca
613-369-4000

General enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230
E-mail: fin.financepublic-financepublique.fin@canada.ca

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