Weighing In On The Retail Payment Activities Regulations

In light of new consumer protection legislation that will take effect this fall, partner Brigitte Goulard spoke with  The Logic about the changes this legislation will present—and what it will mean for Canadian businesses and consumers.

On November 1, non-bank businesses that make money from online payment services, or companies that handle payments on behalf of Canadians, will need to register with the Bank of Canada as part of the new Retail Payment Activities Regulations.

The regulations are designed to protect consumers against risks associated with online payment processing, such as hacks or company failures. “If you had money in a wallet with a payment service provider, and the provider went down, that was it, your money was gone,” Brigitte said.