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For Consumers

The modernization of Canada’s payments ecosystem will support faster and more efficient payments for consumers. This means that Canadians will have access to more instant payment options, meaning less wait times for sending or receiving payments. The result: simple, flexible and convenient payment experiences.

The following are use cases that demonstrate the benefits of Modernization for consumers.

Payments Inquiry
An unrecognized credit appears on a person’s online banking statement. Instead of calling the bank to inquire, the person simply clicks on the item, revealing that it is an income tax credit from the government.

Urgent Money Transfer
A parent forgets to make a payment for a class trip, but is able to quickly send funds to confirm her son’s spot before the deadline.

Avoid Late Fees
A customer makes a real-time payment to her internet service provider on time, avoiding late fees.

Predictability
A family managing their budget knows exactly when their pay will arrive and that they will be able to pay upcoming bills on time.

Fast and Irrevocable
A person makes a real-time payment to purchase a second hand car (directly from the owner) and drives it home immediately upon confirmation that the funds have transferred successfully and irrevocably.

Electronic Rent Payment
A tenant can make electronic rent payments to her landlord that include all the data fields she used to include on her cheques (e.g. purpose, rent month, apartment number).

Transparent Tax Payment
A citizen makes a last-minute income tax payment and is instantly notified that their payment was received and reconciled against their account before the deadline.

Better Customer Experience
Vendors can provide their customers with faster payment solutions by leveraging the underlying real-time infrastructure.