The Future of Payments Modernization and the Impact of Economic Innovation for Global Prosperity

This conversation was part of the 2025 Meridian Summit: Shaping Geopolitical Futures.

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As global economies undergo rapid digital transformation, countries from India to Canada to the United States are reimagining how money moves, undertaking ambitious efforts to modernize their payments systems. Bryan Bossin, Head of Government Relations and External Affairs at Interac Corp., Bernard Boutin, Head of Corporate Affairs, Canada and LATAM at Intuit and Jacob Chappell, Group Product Manager, QuickBooks Payments Money Team at Intuit, discussed the importance of payment modernization, and how it can be a linchpin for economic productivity and competitiveness.

Here are the Top Takeaways from the Program:

1. WHEN IT COMES TO PAYMNETS, FASTER IS BETTER

Real-time payments are not merely a matter of convenience. For small businesses, instant payment can mean “the difference between doing two jobs in a day and doing four,” as highlighted by Intuit’s Jacob Chappell. Small businesses account for a large portion of economies worldwide. When multiplied across millions of enterprises, this acceleration can add billions to GDP and strengthen national productivity. For Canada alone, payments modernization could generate between $3–7 billion annually in new economic output.

2. ACCESS TO REAL-TIME PAYMENT SYSTEMS CAN BE A GAME CHANGER

Payment modernization is not just about speed but also access, specifically in regard to non-bank financial institutions. There is often regulatory mismatch between this technology and access. While the U.S. has launched real-time payment rails—the underlying systems facilitating the movement of funds—non-bank financial institutions face limited access to this infrastructure. Canada, by contrast, has modernized its regulatory framework through the Retail Payment Activities Act and the Canadian Payments Act, extending system access to fintech companies while maintaining financial sector safeguards, though its real-time payments network is not yet operational and is expected to deploy next year.

Allowing fintech companies to become full members of systems like Payments Canada or to access the U.S. Federal Reserve’s FedNow service, with the ability to directly participate in real-time payments, is key to spur innovation and enhancing user experience. Adoption depends heavily on ease of use—technology must be intuitive and seamless to encourage widespread uptake and foster market growth. As Mr. Chappell observed, “ease of use wins ten times out of ten. It beats free most of the time.” International frameworks like India’s Unified Payments Interface (UPI) demonstrates the potential of an accessible real-time payment system, processing over 650 million transactions daily and catalyzing one of the world’s fastest-growing digital economies.

Next Steps:

Real-time payment systems are an essential pillar of modern financial infrastructure, capable of unlocking billions in economic output and driving shared prosperity.  Advancing real-time payments will require coordinated action to expand access, streamline regulation, and prioritize intuitive design. Promoting both accessibility and ease of use is essential to unlock the full potential of the digital economy and ensure that small businesses can reap the benefits of this technology.