Jim Flaherty, Minister of Finance of Canada, has welcomed the final report of the task force for the Payments System Review, entitled ‘Moving Canada into the Digital Age’. The task force conducted two online consultations, regional roundtables and a series of working group meetings to promote dialogue and collaboration within the payments industry. It drew stakeholders from a wide range of sectors, including federal and provincial governments, consumer groups, businesses and the financial sector.
“More and more, Canadians want innovative payment tools that are in step with the latest technologies, are fast and efficient, and stand up to the highest standards of safety and soundness,” said Flaherty. “The government intends to continue this positive dialogue, working with key stakeholders. Together, we will help Canadians and businesses take advantage of the essential tools necessary to adopt digital payments.”
To this end, the government will establish a senior-level advisory committee made up of public and private sector stakeholders. This group will meet regularly with Department of Finance officials to discuss emerging payments system issues.
Flaherty said the report’s findings regarding mobile payments will help inform the government to ensure the payments framework meets the evolving needs of Canadian consumers and businesses. Department of Finance officials will review, in close consultation with stakeholders, the application of the Code of Conduct for the Credit and Debit Card Industry in Canada to emerging mobile payment products so that the Code’s principles of transparency, fairness and competition will also guide the evolution of mobile payments in Canada.
The government will also review the governance framework for the payments sector, including the Canadian Payments Association, to ensure the continued safety and soundness of the payments system, spur innovation and promote the consideration of user interests.
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