Payments Canada has recently welcomed five new payment service providers (PSPs) into its fold, namely Wise, Float, KOHO, Paramount Commerce, and Brim.
This development marks a significant step in fostering economic growth, enhancing competition, and improving services for consumers and businesses across the Canadian market.
As members of Payments Canada, these PSPs gain access to governance, policy development, research, and payment expertise, enabling them to contribute to the shaping of future payments systems within the region.
Broadening the landscape of Canadian payments
The admission of these five new members was made possible through recent legislative amendments to the Canadian Payments Act by the federal government. These changes have opened up membership eligibility to include registered PSPs, credit union locals, and designated clearing houses. This expansion aims to increase access and competition across the region.
Speaking on this achievement, Honourable François-Philippe Champagne, Minister of Finance and National Revenue, highlighted that expanding access to Canada’s payment systems will support innovation and strengthen competition in the financial sector. In alignment with Budget 2025, these legislative changes are expected to contribute to a more efficient and secure payments environment while fostering a level playing field for new entrants. By including a broader range of members, Payments Canada is building an inclusive and resilient financial ecosystem that supports long-term growth for Canadians.
According to Donna Kinoshita, Chief Payments Officer at Payments Canada, the addition of these new members will significantly enhance the value they can offer their businesses, thereby delivering better services to consumers and stakeholders. This inclusion will drive competition in the industry, encouraging continuous advancement.
All eligible PSPs, credit unions, and designated clearing houses are encouraged to explore the benefits of joining Payments Canada. The organization states that membership provides a platform for companies to innovate within the payments sector and contribute towards more inclusive and secure payment systems.
