The letter asks Minster Chrystia Freeland to amend the Canadian Payments Act to expand Payments Canada membership to eligible credit unions, PSPs and financial market infrastructure entities.

The signatories - including the Canadian Bankers Association, Canadian Credit Union Association, Fintechs Canada and Payments Canada - say that the country’s regulatory framework "has not kept pace with global and domestic payment developments".

Expanding access to the country’s payments systems will drive competition, says the letter, adding: "Healthy competition in payments is the catalyst for innovation and will support Canada’s competitiveness globally, leading to improved payment products and services for Canadians and Canadian businesses."