The Government of Canada has passed the law to regulate FinTech companies providing payment services in their country.

The bill, entitled the Retail Payments Act (RPAA), presented as part of Bill C-30, aims to establish the federal regulatory framework for retail payments announced earlier, which only came into force in 2017.

The legislation, first reported by The Globe and Mail, was unveiled as part of the 2021 budget to ‘promote competition and innovation in payment services and build confidence in the retail payment industry’, and especially for prepayments.

The RPAA oversees other regulatory and operational initiatives affecting the Canadian payment industry, including the Canadian Payment Modernization Initiative and amendments to the Clearing and Settlement Act.

Translate »