The interests of both originators and receivers of payments will need to remain balanced so as to ensure that Canadians continue to have the flexibility to use the payment methods that they prefer. Sustained investment will also be required across players in the payments ecosystem to allow it to modernize and evolve. A standards-based regulatory model will provide the ability required for multi-year investments. Continued partnership between payment ecosystem participants and regulators is absolutely essential. This spirit of partnership will need to embrace the fast pace of change that characterizes the digital era.
A critical requirement in our view is an integrated approach to regulation and supervision of the broadening landscape of payments system participants. Gaps in how we regulate certain players need to be addressed. We need to ensure that as the digital payments expand there is a broader range of participants who are involved, and that those participants meet the same standards that we would expect of traditional participants.
I very much appreciate the opportunity to address any questions that the committee may have, and applaud the committee's commitment to stewarding the successful evolution of digital payments in Canada.