I think, overall, the cost of sending payments in this country and receiving them is probably higher than it needs to be. EY released a report a few years ago that estimated, overall, when we look across all of the different payment instruments, the cost of sending and receiving money costs Canadian businesses $14 billion to $32 billion every five years. That's a non-trivial portion of GDP, and there's a lot more we can do to bring that down.
On October 21st, 2024. See this statement in context.