Fintech firm Wise (LON:WISE) has secured membership in Payments Canada, marking it as one of the inaugural Payment Services Providers (PSPs) to join the organization. This development, announced on January 27, 2026, underscores Wise’s commitment to enhancing cross-border payment solutions for Canadian users and businesses.
By gaining this status, Wise can now pursue direct participation in Canada’s core payment infrastructures, such as the Automated Clearing Settlement System (ACSS), Lynx, and the upcoming Real-Time Rail (RTR) system.
This integration promises to streamline international transfers, making them quicker and more cost-effective.
For Canadian consumers and enterprises, the implications are substantial.
Wise’s existing platform already facilitates instant payments—defined as under 20 seconds—for 74% of its transactions, with an average fee of just 0.52%.
The new membership will amplify these advantages, allowing Wise to pass on even greater savings and efficiency gains.
As international money movement becomes increasingly vital in a globalized economy, this step aligns with broader efforts to modernize Canada’s payment ecosystem.
It also promotes competition by incorporating non-traditional financial players, a shift enabled by recent federal legislation that opens doors for non-bank entities in Payments Canada for the first time.
According to Wise’s 2025 G20 Report, Canada now aligns with eight other G20 countries in providing such access, fostering innovation and consumer choice.
Diana Avila, Wise’s Chief Banking and Expansion Officer, highlighted the transformative potential:
“This membership represents a major advancement, empowering us to deliver swifter, cheaper, and more user-friendly global payments for Canadians and those sending funds to the country. We’ve advocated for broader access to these systems, and as it materializes, Canada emerges as a frontrunner in driving industry-wide progress through inclusivity and rivalry.”
Donna Kinoshita, Chief Payments Officer at Payments Canada, stated:
“We’re excited to onboard Wise and back their applications for system involvement. Including tech innovators like Wise invigorates our marketplace, yielding direct perks for Canadians via rapid, economical, and clear transactions. Their global investments will enrich options and better address cross-border needs.”
Wise’s trajectory in Canada has been impressive, with a surge of over 30% in active customers during fiscal year 2025.
Established in 2011, the company has evolved into a powerhouse, serving 15.6 million individuals and organizations worldwide.
In FY25 alone, it handled more than $185 billion in international flows, generating $2.6 billion in customer savings through its transparent, low-fee model.
Users benefit from multi-currency accounts holding up to 40 denominations, seamless transfers, and debit card spending abroad via Wise Account and Wise Business offerings.
As one of the profitable tech firms, Wise maintains direct links to payment networks in markets like the UK, Europe, Australia, and Brazil, with Canada now extending this reach.
Payments Canada, as the nation’s pivotal payments body, is at the forefront of these reforms.
The impending launch of the Real-Time Rail will further enable instantaneous transactions, complementing Wise’s goals.
Wise plans to formally apply for ACSS, Lynx, and RTR connectivity, paving the way for enhanced services that prioritize speed, affordability, and transparency.
This partnership not only aims to elevate Wise’s role in Canadian fintech but also signals a maturing payments sector ready to embrace disruption.