More than half of Canadian consumers say they find real-time payment appealing, according to a Payments Canada survey, suggesting there could be an appetite for the country’s new instant payments infrastructure as it prepares to launch.
Payments Canada, the network that operates Canada’s electronic funds transfer (EFTs) system, akin to the ACH network in the U.S., conducted the survey ahead of the expected Q4 2026 launch of Canada’s Real-Time Rail (RTR), a national instant payments network that has been decades in the making.
Along with around-the-clock payment settlement, the RTR will support data-rich ISO 20022 messaging. Initially, transactions will be capped at C$100,000 (approximately $70,320).
Accelerating Economic Gains
Payments Canada estimates that the RTR could generate billions of dollars in cost savings and contribute roughly C$16 billion in total economic gains over the next 10 years. Like the RTP network in the U.S., the RTR could find early use cases in areas like gig worker payouts, where faster access to earnings can help improve worker retention.
The network could also gain traction in business payments, especially among small- to medium-sized businesses (SMBs). The Payments Canada survey found that more than a third of SMBs consider payment delays a significant pain point, a concern that has also been echoed by many U.S. small businesses.
Still, the RTR’s initial transaction limit could constrain adoption among larger enterprises. Both U.S. real-time payment networks have gradually raised their transaction limits as adoption has grown, with the limits for both the RTP network and the Federal Reserve’s FedNow Service now reaching $10 million.
Finding a Niche
Like the two U.S. real-time payment networks, the RTR will face an established payments infrastructure that could make changing consumer and business habits difficult. Payments Canada’s report found that credit and debit card transactions accounted for 68% of total payment volume in Canada. up from 63% five years earlier.
Still, both U.S. real-time payments systems have continued to reach new highs in transaction volume and value despite competing against well-established payment methods. They have also expanded into new use cases, providing a potential model for Canada.
The RTR could follow a similar path as Payments Canada adds new capabilities to the system. If use cases such as earned wage access, peer-to-peer payments, and insurance disbursements gain traction, the economic gains associated with the RTR could reach as much as C$27 billion.
