New oversight framework proposed for Canada’s payments system

In the 2019 federal budget, the government has proposed new legislation to help implement a new retail payments oversight framework that will enable retail payment services providers (PSPs) to continue to offer innovation in services, while remaining reliable and safe. The global payments landscape is rapidly changing as innovative technologies are challenging traditional payments systems. Technology companies have innovated modern payment methods, such as Apple Pay, to address consumer demand for convenient and flexible payment solutions. In order to keep pace, Canada must foster innovation in payments systems while continuing to ensure that new entrants and payment solutions are regulated and safe for consumers. This new oversight framework ultimately serves to ensure that the interests of consumers are properly safeguarded. The government’s approach complements certain on-going consultations it is having on open banking, as discussed in our earlier post. The new…

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