Payments Canada has announced the entry of five new payment service provider (PSP) members, including Wise, Float, KOHO, Paramount Commerce, and Brim.
This comes as a significant milestone in facilitating economic progress, competition, and development for consumers and businesses across the Canadian market.
Membership offers access to Payments Canada’s governance, policy development, research, and payment expertise, enabling companies to play their part in shaping the future of payments across the region.
Driving growth in Canadian payments
Admitting these new five members was facilitated by the federal government’s legislative modifications to the Canadian Payments Act. Through this, Payments Canada was able to open its membership eligibility and include registered PSPs, credit union locals, and designated clearing houses. This expansion of Payments Canada’s membership focuses on scaling access and competition across the region.
Talking about this achievement, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, said that expanding access to the systems that move funds in Canada aims to support innovation and further boost competition across the financial sector. Falling in line with Budget 2025, the aforementioned legislative changes will assist in fostering a productive economy by ensuring more efficient, secure payments, as well as a level playing field for new entrants. Additionally, including a wider range of members creates the ability to build a more inclusive and resilient financial foundation that supports long-term growth for Canadians.
Furthermore, as further detailed by Donna Kinoshita, Chief Payments Officer at Payments Canada, these newly added members will be able to provide more value to their businesses, which will in turn translate into more optimal services for consumers and businesses. They will facilitate more competition, motivating the industry to continue to advance.
All eligible PSPs, credit unions, and designated clearing houses can look into the benefits of membership with Payments Canada. According to the organisation, by joining, companies can directly participate in innovating the payments landscape and contributing to improved payment systems that are inclusive and secure.
