Payments Canada Examines How Culture Shapes Payment Modernization and Consumer Behavior

In the evolving financial services sector, payment modernization is often framed as a technological objective and/or target—new platforms, faster transactions, and enhanced security.

However, a recent discussion at The 2025 Payments Canada SUMMIT, hosted by Kristina Logue, Chief Financial Officer at Payments Canada, and featuring Jane-Renee Retimana, Chief Strategy and Innovation Officer at Payments NZ, highlighted a critical but often overlooked factor: culture.

The discussion underscored how cultural identity, particularly the integration of Indigenous values, shapes governance, trust, and the success of payment modernization, offering valuable lessons for global financial systems.

Modernizing payment systems is not just about upgrading infrastructure; it’s about aligning technology with the values and needs of the communities it serves.

In Aotearoa (New Zealand), Māori cultural principles like kaitiakitanga (stewardship) and manaakitanga (hospitality) are deeply embedded in the financial sector’s approach to modernization.

Retimana emphasized that biculturalism is a cornerstone of New Zealand’s payment strategy.

Major institutions, including the central bank and Payments NZ, incorporate Māori strategies, such as Payments NZ’s Tō Mātou (meaning “our journey”), which prioritizes Māori representation and tino rangatiratanga (self-determination) within the payments network.

This cultural integration fosters inclusivity, builds trust, and ensures that modernization reflects the nation’s identity.

For instance, Māori values influence practical aspects of payment systems, such as data governance.

New Zealand’s open banking framework, guided by Ngā Tohu Ārahi, incorporates Māori data sovereignty principles, ensuring ethical data handling that respects Indigenous perspectives.

This approach mirrors efforts in Canada, where Indigenous data principles are gaining traction.

By centering people in system design, these culturally grounded frameworks enhance adoption and inclusion, ensuring payment systems serve diverse communities effectively.

Retimana noted that the Māori economy is among Aotearoa’s fastest-growing, prompting banks and fintechs to integrate these values not only for cultural alignment but also for economic opportunity.

Trust, a critical component of payment systems, is deeply tied to cultural values in New Zealand.

The principle of tino rangatiratanga aligns with Payments NZ’s self-governing structure, which operates without legislative mandate, relying instead on industry-led collaboration.

This cooperative ethos, rooted in Māori practices like wananga (a space for sharing ideas), drives initiatives such as the API Centre for open banking.

Unlike larger markets like the U.S., where single players can dominate, New Zealand’s smaller market necessitates interoperability and collaboration, fostering trust and product development.

Retimana highlighted that banks have embraced this model, funding open bankingefforts and enabling third-party participation, which enhances system accessibility and scalability.

However, cultural differences pose challenges when connecting with other jurisdictions.

Retimana stressed the importance of respecting local contexts, noting that solutions effective in one country may fail in another without cultural adaptation.

For example, New Zealand’s payment systems differ significantly from Australia’s, despite their proximity.

Australia’s New Payments Platform (NPP) is viewed skeptically in New Zealand due to its high costs, and the Kiwi “number eight wire” mentality—a cultural ethos of resourcefulness—shapes a preference for cost-effective, innovative solutions.

This cultural distinction underscores why global payment systems cannot adopt a one-size-fits-all approach.

Canada, too, is navigating cultural considerations in its modernization journey, which began in 2016 with Payments Canada’s Vision for the Canadian Payment Ecosystem.

The initiative aims to create faster, data-rich, and inclusive payment systems, such as the Real-Time Rail (RTR) and Lynx.

Logue and Retimana’s discussion highlighted parallels with New Zealand, particularly in addressing Indigenous inclusion and fostering trust through culturally sensitive governance.

The SUMMIT’s conversation illuminated a universal truth: payment modernization succeeds when it reflects the people it serves.

By embedding cultural values—whether Māori principles in New Zealand or Indigenous perspectives in Canada—financial systems can drive inclusion, trust, and tech advancements.

As the global payment sector evolves, the lesson is clear: technology alone isn’t enough; culture is the foundation of meaningful progress.