In an on-demand society, real-time payments are no longer a ‘nice to have’ but a necessity. There are now more than 50 real-time payment systems live or in development across the globe, meaning Canada — a top ten global economy by GDP — was at risk of being left behind.
With foreign trade representing some 60 per cent of Canada’s GDP in 2020, domestic financial market infrastructure operator Payments Canada recognized the need to modernize its payment services to participate in the international real-time economy and remain globally competitive.
Following a long and detailed consultation, Payments Canada chose Mastercard to help deliver the clearing and settlement portion of the Real-Time Rail, as part of an extensive project to accelerate and fuel innovation in Canada’s digital economy.
The Real-Time Rail will bring faster, seamless and data-rich payment experiences to Canadian people, businesses, government, and industry 24 hours a day, seven days a week. The target date for launch is 2023.Read how real-time payments will accelerate Canada's digital economy