Canada's Retail Payment Activities Act: Do You Need To Register?

Before you invest the time and money to submit a registration application under the Retail Payment Activities Act (RPAA) — and potentially risk ending up on the publicly available "refused" list simply because the Bank of Canada determines you're exempt — read this article. We've used our advanced knowledge of the Act to simplify the Bank's four-step application test.

If your answer is "yes" to all four questions below, you're required to submit an application to the Bank of Canada (referred to as "the Bank" for the rest of this article) to register as a payment service provider (PSP).

The Bank estimates more than 3,000 companies will be required to register under the RPAA.