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On April 30, 2021, the federal government introduced An Act Respecting Retail Payment Activities (brief title, Retail Payment Activities Act) (the "RPAA"). The much-anticipated RPAA comes in action to a consultation paper released by the Department of Financing in 2017, for a "New Retail Payments Oversight Structure" (the "2017 Assessment Paper").

The RPAA signifies the government's continued willingness to manage new and increasingly complicated "retail payment activities" driven by ingenious payment methods and innovations. The RPAA will act as the very first regulative regime for retail payment providers in Canada. Full Article , it is available in the midst of a more comprehensive regulatory response by a government focused on safeguarding customers, cultivating competition and promoting innovation in the digital age.

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

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A PSP is an entity that carries out a "payment function" as a service or business activity that is not incidental to another service or business activity. The notion of what constitutes "incidental" to another service will likely be the topic of debate at the margins of this legislation. Provided regulative analyses in other locations like the registration of funds transmitters as cash services companies, the determination will likely focus on leaving out business where the payment function they assist in is a minor element of their company design, instead of a central component of it.

The funds payment function is simply a corollary to their true service loaning to customers. What activities will be controlled? The subject of regulation under the RPAA is "retail payment activity" carried out by a PSP or for an end user and specified as a "payment func