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ARTICLE · 11 MAY 2021

New Regulation Of Payment Service Providers In Canada

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In the 2021 federal budget, the federal government has introduced the long-awaited Retail Payments Activities Act (the Act).

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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In the 2021 federal budget, the federal government has introduced the long-awaited Retail Payments Activities Act (the Act). We previously reported on the proposed retail payments system framework in our article "New Retail Payments System Framework Regulating Payment Service Providers."

Scope of Application

The Act will apply to any "retail payment activity" performed by a "payment service provider" (PSP) that has a place of business in Canada, and will also apply to any retail payment activity performed for an "end user" in Canada by a PSP that does not have a place of business in Canada but directs retail payment activities at individuals or entities that are in Canada.

The following defined terms in the Act are relevant:

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