Payments Canada membership eligibility expanded

Summary#

This order brings sections 219 to 228 of the Fall Economic Statement Implementation Act, 2023 into force on the day the order was made (September 25, 2025). In practice, those sections change who can be a member of Payments Canada and clarify who can sit on its Stakeholder Advisory Council.

What it does#

• Brings into force amendments to the Canadian Payments Act that expand who is eligible to be a member of Payments Canada.
• Specifically allows these additional types of entities to apply for membership:
  • payment service providers (PSPs) supervised under the Retail Payment Activities Act (RPAA),
  • credit union locals that are part of a credit union central,
  • operators of clearing and settlement systems that are designated under the Payment Clearing and Settlement Act and overseen by the Bank of Canada.
• Clarifies that members of Payments Canada are not eligible to serve on the Stakeholder Advisory Council, while non-member PSPs may still participate on that council.
• Adds or updates definitions for “entity,” “person,” and distinctions between “individuals” (natural persons) and legal persons (organizations/corporations).

Who's affected#

• Payment service providers (PSPs) supervised under the RPAA who may now seek direct membership in Payments Canada.
• Credit union locals that belong to a credit union central.
• Operators of designated clearing and settlement systems overseen by the Bank of Canada.
• Existing members of Payments Canada (for example, banks and other financial institutions) and those who sit, or might sit, on the Stakeholder Advisory Council.
• Other payment industry participants, merchants, and potentially end users could be affected indirectly if system access and competition change.

Why it matters#

• New types of firms can apply to join Payments Canada and directly access national clearing and settlement systems if they meet operational and security rules. That can make it easier for non‑bank payment businesses to move money in Canada.
• The change aims to encourage more competition and innovation in the payment system.
• The order was timed after the RPAA regime became operational (September 8, 2025), so eligible PSPs can now realistically take up membership.