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ARTICLE · 13 DECEMBER 2023

Retail Payment Activities Act: The Wheels Are In Motion

The Retail Payment Activities Act (RPAA) is a significant step towards ensuring the safety and soundness of the Canadian financial system, protecting end users, and fostering innovation in the payments ecosystem.

CanadaFinance and Banking

The Retail Payment Activities Act (RPAA) is a significant step towards ensuring the safety and soundness of the Canadian financial system, protecting end users, and fostering innovation in the payments ecosystem. The RPAA was enacted in June 2021, and has been set in motion with the recent publication of final regulations on November 22. At this stage, it is important to promote global awareness and understanding of implementation of the RPAA and how it will impact you as a payment service provider (PSP), end user (payor or payee), or other stakeholder.

Global reach

The RPAA applies to retail payment activities performed by a PSP with a place of business in Canada or by a PSP located abroad if the PSP directs retail payment activities to individuals or entities in Canada. The scope is extremely broad and, with a few exceptions, applies generally to any payment function performed in relation to an electronic funds transfer involving the placement, transfer, or

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