Delivering payment options that Canadians not only want but need
At the beginning of February, Payments Canada hosted the first The SUMMIT Series webinar of 2023. I thoroughly enjoy hosting these webinars and it was fantastic to speak with colleagues from Swift, TD Bank and KOHO about the future of payments in this session.
We had an insightful conversation about the exciting work our organizations are doing to bring modern payment options to Canadians and the trends influencing our ecosystem. Some of the trends discussed were faster payments, data-rich payments, fraud, and of course, the ongoing need to balance safety and soundness with innovation. It was clear that nothing is slowing down in the world of payments in 2023!
A prominent theme that emerged was the importance of asking ourselves and each other: “What problem are we trying to solve?” When I think about this question and what it really means for Payments Canada, I like to go back to our vision and mission.
In 2022, Payments Canada’s systems cleared and settled over $119 trillion — that’s more than $476 billion every business day. We proudly dedicate ourselves to the delivery, operations and governance of national payment systems that are innovative, secure and globally connected. We do this to create a Canadian payment ecosystem that is resilient, inclusive and enables fair competition as the foundation of a thriving economy.
To get there, it is imperative that we work closely with the payment ecosystem: our members, stakeholders and regulators to ensure multiple viewpoints are represented and that our systems are right for Canada. We also conduct research to understand payment preferences and pain points so that we make informed decisions that enhance Canadian’s payment experiences.
Our research continues to show that Canadians want easier, smarter and safer ways to pay and be paid. The adoption of digital, contactless and mobile payments is accelerating, and the use of and interest in more diverse payment options like QR codes, ‘buy now, pay later’, biometrics and digital currencies, is growing.
When we talk about introducing modern payment options what we’re truly talking about is meeting the needs of Canadians. For this reason, it’s important that throughout the course of our work — not only at the beginning — we remember to ask this very important question: “What problem are we trying to solve?”. This will ensure the end product we deliver is what the end user really needs.
I hope you’ll join me in Toronto from May 3-5 at The Payments Canada SUMMIT, where we can continue to learn from each other and ask questions, so that together we introduce modern payment options that Canadians not only want but need.
Robyn King
Director, Industry Relations
Payments Canada
