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On April 30, 2021, the federal government presented An Act Respecting Retail Payment Activities (brief title, Retail Payment Activities Act) (the "RPAA"). The much-anticipated RPAA is available in action to an assessment paper published by the Department of Finance in 2017, for a "New Retail Payments Oversight Structure" (the "2017 Assessment Paper").

The RPAA indicates the government's ongoing desire to control new and increasingly complex "retail payment activities" driven by innovative payment techniques and innovations. Found Here will function as the first regulatory program for retail payment suppliers in Canada. Not remarkably, it is available in the middle of a broader regulative response by a federal government concentrated on protecting consumers, cultivating competitors and promoting development in the digital age.

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Who will be controlled? As a starting point, the RPAA will manage "retail payment activities" that are either: Carried out by a "payment service company" ("PSP") that belongs of company in Canada, or Performed for an "end user" in Canada by a PSP that does not belong of business in Canada, but directs retail payment activities at people or entities that are in Canada.

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A PSP is an entity that performs a "payment function" as a service or organization activity that is not incidental to another service or company activity. The concept of what makes up "incidental" to another service will likely be the subject of argument at the margins of this legislation. Provided regulative analyses in other areas like the registration of funds transmitters as cash services organizations, the determination will likely concentrate on excluding companies where the payment function they assist in is a small component of their company model, instead of a main component of it.

The funds payment function is simply a corollary to their real service loaning to customers. What activities will be controlled? The subject of policy under the RPAA is "retail payment activity" carried out by a PSP or for an end user and specified as a "payment function that is performed in relation to an electronic funds transfer that is made in Canadian currency or another nation currency or using an unit that meets prescribed criteria".