The Future Of Payments In Canada: Are We Finally Making Progress?

Hear from prominent industry experts on the state of play and what's next for the sector in our feature Q&As from Andrew Graham of Borrowell and Alex Vronces of Fintechs Canada.

In December 2011, the Task Force for the Payments System Review found that "unless Canada develops a modern digital payments system, Canadians will be unable to fully engage in the digital economy of the 21^st Century, leading to a lower standard of living across Canada and a loss of international competitiveness". This report spurred several initiatives to do just that—modernize Canada's digital payments system.

Of these initiatives, a few, such as the launch of Lynx (Canada's new high-value payment system), have been implemented, while others, such as the introduction of the Retail Payment Activities Act, are progressing well. Additionally, last November, the federal government announced, in its 2023 Fall Economic Statement, its intention to proceed with two important and