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Payments Canada approves new members

New fintech members join Payments Canada, signaling faster settlements and more competitive financing options for Canadian retailers.

This news signals a major shift in how money moves for Canadian retailers and their customers. Payments Canada has approved six new members, including fintechs like Bounce Pay and Remitly, to join their payment systems. For business owners, this isn't just back-end banking news. It means more competition among payment providers, which usually leads to lower transaction fees and faster settlement times for your store. When new fintech players get direct access to the national payment infrastructure, they can offer more seamless financing tools. You might soon see new 'Buy Now, Pay Later' (BNPL) integrations or cross-border payment options that are cheaper than traditional bank wires. This is part of a broader trend toward 'real-time' payments in Canada. For your operation, this means the gap between a customer hitting 'pay' and the cash hitting your business account will continue to shrink. Keep an eye on your current payment processor; as these new members enter the fray, you may have more leverage to negotiate better rates or integrated financing features that help close more sales at the point of purchase.

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