Canada Cards and Payments: Opportunities and Risks to 2028

Canada Cards and Payments: Opportunities and Risks to 2028

Canada Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Canada Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Canadian cards and payments industry, including -

• Current and forecast values for each market in the Canadian cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cash, card and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Canadian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Canadian cards and payments industry.

GlobalData’s ‘Canada Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Canadian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, credit transfers, cash, direct debits, and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Key Highlights

• To promote electronic payments and instant payments, Payments Canada is developing a new real-time payment system called Real-Time Rail (RTR). The system will support API integrations, enabling participants to offer value-added services to their customers. Payments Canada partnered with Interac in March 2021 to leverage the latter’s exchange solution to facilitate the transmission of RTR payment messages between participants. Mastercard’s Vocalink will provide the clearing and settlement solution for the system. The launch of RTR is expected no earlier than 2026.
• The Canadian debit card market is dominated by national interbank network Interac. However, many of the country’s debit cards are co-badged with Visa and Mastercard. All domestic transactions are processed via the Interac network, while international transactions are processed via the international networks. To expand the use cases of Interac debit cards, Interac partnered with the Toronto Transit Commission in August 2023 to offer contactless payments for public transport fares in Toronto. This enables commuters to pay transport fares via Interac contactless debit cards, directly from their bank account via the Interac Debit service, or using a debit card stored in a participating mobile wallet
• The introduction of contactless technology to public transport networks is also boosting contactless payments in the country. For instance, in January 2023, Vancouver public transport agency TransLink partnered with Interac to offer Interac debit card payments for transit fares on buses and metros. TransLink is Canada's first transportation agency to fully implement contactless Interac Debit payments across its entire system. In addition, it also enables commuters to make contactless payments via options such as contactless credit cards and digital wallets.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Canada along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cards, credit transfers, cash, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Canadian cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Canadian cards and payments industry.
• Assess the competitive dynamics in the Canadian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Canada.
• Gain insights into key regulations governing the Canadian cards and payments industry.