Shakepay this week announced that it has joined Payments Canada as a member.
The Montreal-based financial technology firm, which recently earned dealer status from the Canadian Investment Regulatory Organization, says joining the Payments Canada network “strengthens its position as a trusted, regulated player in Canada’s financial ecosystem.”
“This is a pivotal moment for Shakepay and the future of payments in Canada,” stated chief executive officer Jean Amiouny. “This is a critical step that moves us closer to redefining how Canadians handle their money and digital assets.”
The Canadian fintech offers a cryptocurrency platform that allows users to earn Bitcoin rewards through spending via their payments card.
As a Payments Canada member, Shakepay gains the ability to apply for direct access to the country’s core payment infrastructure, enhancing the speed, security, and efficiency of transactions for its customers, according to Amiouny.
“Becoming a member of Payments Canada empowers us to better serve our customers with faster, more reliable payment solutions while reducing dependence on third-party intermediaries,” the CEO said. “It enables us to build more efficient financial products, streamline transactions, and deliver a seamless customer experience.”
Payments Canada oversees the country’s essential payment systems, which process nearly $107 trillion in transactions annually, and will operate the upcoming Real-Time Rail system.
“Joining Payments Canada as a securities dealer underscores our commitment to compliance, innovation, and leadership in the crypto space and now the payments space,” remarked Eric Richmond, Head of Business Development at Shakepay. “As one of the few fintechs to achieve this milestone in Canada, this recognition underscores the hard work we’ve invested in building a trusted and regulated platform.”
Richmond believes the eventual release of RTR will prove to be “the real game-changer, though.”
“Once live, the RTR will revolutionize money movement—enabling instant payroll, easier international transfers, and smoother daily payments,” he said in an interview.
However, we know Canada has been painfully to slow to rollout fintech infrastructure, so Richmond and Shakepay are exercising patience.
“While we wait for that launch, we’re staying proactive, developing new ways to bring meaningful financial innovation to Canadians today,” he said.
Shakepay was founded in 2015 and today counts more than one million Canadians as users. The company has been making key hires as it looks to advance its position in Canadian fintech.
The 2025 Payments Canada SUMMIT runs May 6th through 8th in Toronto.
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