Maybe I'd start just by saying the payments sector—the ecosystem and the foundation of how that works—is based on trust. Right now, payment service providers in Canada, as I mentioned—card networks, digital wallets and others—are not subject to a regulatory framework. That can create a sense of uncertainty.
We've heard from payment service providers that that lack of certainty can affect business investment in terms of their sector. A number of payment service providers, which we call PSPs, welcome being brought under a regulatory framework, as it helps to increase that sense of trust, as well as partnerships and investment opportunities with the private sector, and even with the regulated sector—partnering with banks, for instance.
I'd also like to mention that this legislation is a necessary foundation block upon which the intention would be to open membership and access to Canada's core clearing and settlement infrastructure, which is operated through Payments Canada. Right now, it is only the regulated financial institutions that have access to that infrastructure. Payment service providers have to get access to those systems through the financial institutions, but the intention would be to broaden membership within Payments Canada, so payment service providers could connect directly to these core clearing and settlement systems. In that way there would be tremendous opportunity for greater innovation, developing new services and products, and competition.