Sunday, July 27, 2025

Canada To Go After Monopoly In Digital Wallets, Urges Competition Bureau To Act

Canada is now about to put the digital wallet market in its crosshairs after Industry Minister François-Philippe Champagne has urged the Competition Bureau to scrutinize the sector. In a letter addressed to the Competition Bureau, Champagne highlighted recent international efforts to curb monopolistic practices in the digital wallet market. 

“I am confident that you will take appropriate action — as you deem necessary to maintain a competitive economy — should there be evidence of anti-competitive conduct by major industry players,” Champagne stated.

The call follows the actions in other regions regarding the monopolistic tendencies in the digital wallet space. The European Union (EU) recently accepted Apple’s commitment to open its “tap to pay” iPhone payment system to competitors, resolving an antitrust investigation. Apple Pay, the EU noted, is currently the largest NFC-based mobile wallet, and the company had been accused of blocking rival services from accessing this technology.

The U.S. Justice Department has also taken steps against Apple, filing a lawsuit in March that claims the company restricts third-party digital wallets from using its contactless payment system.

Similarly, the United Kingdom’s regulatory body announced on Monday that it would examine digital wallets to assess potential competition and consumer issues. British regulators emphasized the growing importance of digital wallets such as Apple Pay, Google Pay, and PayPal, noting that these services now likely reach more than half of UK adults.

Mobile wallets operate using near-field communication (NFC) technology, which enables wireless transactions between a device and a merchant’s payment terminal. As the adoption of digital wallets accelerates, the control over NFC technology by a few key players has raised alarms about market fairness and consumer choice.

Champagne acknowledged the Competition Bureau’s independence but stressed the importance of monitoring for anti-competitive practices. “The issue of competition in the big tech-dominated digital wallet market should be on the Competition Bureau’s radar,” he wrote.


Information for this story was found via Castanet and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Tariffs Spark New Race for Critical Metals | Rob McEwen

Antimony Resources: The Bald Hill Project

They Laughed at $3,000 Gold, Now We’re Headed for $4,000! | Sean Roosen – Osisko Development Corp.

Recommended

Steadright Begins Preliminary Economic Assessment On TitanBeach Project

Three Miners Trapped Underground At Newmont’s Red Chris Mine

Related News

Competition Bureau Sues Rogers For Falsely Advertising “Unlimited” Data Plans

The Competition Bureau of Canada has filed a legal suit against Rogers Communications Inc. (TSX:...

Tuesday, December 24, 2024, 07:29:49 AM

It’s a Champagne Room Economy – Canada’s Innovation Minister Is A Rubber Stamp For Industry

Is Francois-Philippe Champagne's ministry Scientifically Innovating Canadian Industry, or keeping it the way it is?...
Monday, April 24, 2023, 07:31:00 AM

Court Order Arms Competition Bureau’s Amazon Probe With Internal Records Access

The Competition Bureau has secured a Federal Court order compelling Amazon to hand over internal...

Wednesday, July 9, 2025, 12:56:00 PM

Is Canada About to Gift Money to Nvidia?

Industry Minister Francois-Philippe Champagne has announced that Canada has signed a letter of intent with...

Monday, February 5, 2024, 10:24:00 AM

Cineplex to Appeal $38.9M Fine for ‘Deceptive’ Online Booking Fee

Cineplex Inc. (TSX: CGX), Canada’s largest movie theater chain, has announced its intention to appeal...

Wednesday, September 25, 2024, 10:11:00 AM