Industry Minister François-Philippe Champagne has suggested that the Competition Bureau should take a closer look at digital wallets in Canada.
In a recent interview with CTV News, Champagne expressed his concerns about the lack of competition in the digital wallet market. He believes that the Competition Bureau, which is responsible for promoting and maintaining fair competition in Canada, should investigate the issue.
Digital wallets, also known as e-wallets, are electronic devices or online services that allow individuals to make electronic transactions. They have become increasingly popular in recent years, with the rise of online shopping and contactless payments.
Champagne pointed out that there are currently only a few major players in the digital wallet market in Canada, which could potentially limit consumer choice and lead to higher prices. He believes that the Competition Bureau should examine whether there are any anti-competitive practices at play.
The Industry Minister also highlighted the importance of ensuring that digital wallets are secure and protect consumers’ personal information. He stated that the government is committed to protecting Canadians’ privacy and will work with the Competition Bureau to ensure that digital wallet providers are held accountable for any breaches.
Champagne’s comments come after the Competition Bureau launched an investigation into the digital wallet market in Australia last year. The Australian regulator found that there were significant barriers to entry for new players, which could lead to reduced competition and higher prices for consumers.
In response to Champagne’s suggestion, the Competition Bureau stated that it is aware of the concerns surrounding digital wallets and will continue to monitor the market closely.
As the use of digital wallets continues to grow, it is crucial that competition in this market is not stifled. The Competition Bureau’s potential investigation could help ensure that Canadians have access to a variety of secure and affordable digital wallet options.
