As Canada steps into 2026, the payments landscape is evolving rapidly, driven by accelerating digital transformation in financial services. A key development underscoring this shift is Payments Canada‘s recent appointment of Stephanie Zee as its new Chief Product Officer (CPO). This strategic move aims to enhance the organization’s enterprise-wide product strategy, ensuring that Canada’s payment systems remain innovative, secure, and user-friendly in an increasingly digital environment.
Zee brings more than two decades of expertise in the Canadian payments sector to her new role.
Her career highlights include senior positions focused on strategy development, product innovation, and robust risk management practices, encompassing areas like fraud prevention, financial crime mitigation, and data security.
Notably, she previously served on Payments Canada’s Board of Directors from 2013 to 2016 and has been a prominent speaker at industry events such as The SUMMIT.
In her capacity as CPO, Zee will oversee product management and enablement initiatives across the organization, fostering a cohesive approach to product development that aligns with broader goals of making transactions simpler, more intelligent, and safer for all Canadians.
This appointment arrives at a pivotal moment for Payments Canada, the non-profit entity responsible for operating the nation’s core payment infrastructure.
The organization manages critical systems including the Real-Time Rail for instant transfers, the Retail batch payment system for everyday transactions, and the high-value Lynx system for large-scale settlements.
Recent enhancements, such as the full adoption of the ISO 20022 messaging standard in Lynx and streamlined operational rules for the Automated Clearing Settlement System (ACSS), reflect ongoing efforts to modernize infrastructure.
These updates not only improve efficiency and consistency in interest rates but also position Canada to better integrate with global payment standards, supporting seamless cross-border activities.
Zooming out to the broader Canadian payments ecosystem in early 2026, the sector is witnessing a surge in digital and contactless adoption, mirroring the digital overhaul of financial services.
Canadians are increasingly embracing digital wallets and virtual cards for contactless payments, with smartphone penetration hovering around 85% enabling smoother experiences fueled by faster internet speeds.
The mobile wallet market, valued at $1.39 billion in 2024, is forecasted to skyrocket to $20.48 billion by 2030, highlighting explosive growth in real-time and app-based transactions.
Contactless payments continue to dominate in-store purchases, building on a 17% rise in 2023 that brought them to 63% of all transactions.
Merchants anticipate this trend persisting, with 70.2% expecting contactless methods and 62.7% prioritizing digital/mobile wallets in 2026.
This shift is reducing cash usage even in business-to-business dealings, where tap-to-pay is gaining traction for its speed and security.
Looking ahead, 2026 promises advancements in personalized payment platforms that adapt to individual spending habits and financial objectives, minimizing fraud and abandoned carts through faster, automated checkouts.
Fintech professionals are leveraging these trends to boost revenue, optimize costs, and enhance risk controls, aligning with strategic imperatives for growth.
Canada‘s digital economy is accelerating, with ad spending and short-form video content further integrating payments into everyday digital interactions.
In this context, Zee’s leadership at Payments Canada is poised to accelerate these transformations, ensuring the ecosystem remains competitive and resilient. As digital payments become ubiquitous, stakeholders must prioritize inclusivity, cybersecurity, and regulatory compliance.