Payments Canada welcomes six new members

This update signals a significant shift in how money moves across the Canadian retail landscape. Payments Canada has added six new members, including fintechs like Nium and Remitly, to its payment systems. For retailers and service providers, this means the infrastructure supporting consumer financing and real-time payments is becoming more diverse and competitive. These new members are now part of the ecosystem that handles trillions of dollars in transactions, potentially leading to faster settlement times and lower processing costs for your business. When more tech-forward companies gain access to national payment systems, it usually accelerates the adoption of instant lending and seamless checkout experiences. You should expect to see more innovative payment options emerging for your customers, particularly in the realm of cross-border transactions and digital-first credit. As these providers integrate more deeply into the Canadian system, the friction between a customer hitting 'apply' for financing and the funds hitting your account will likely decrease. This is a move toward a more 'always-on' financial environment, reducing the traditional delays associated with credit unions and legacy banks.

Source: Finextra — Lending

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