Canadian Cards and Payments Market Outlook and Analysis to 2022

Posted by miky santhosh on June 20th, 2018

Overview

The cards and payments market in Canada has shown positive growth potential during the forecast period both in terms of value and volume. The market was primarily driven by the transactions using debit cards, closely followed by the credit cards segment. The increasing demand for credit and prepaid cards among the consumers in the country has also contributed in a substantial way to the growth in the number of transactions. Further, other trends in the market include the shift of consumers away from cash transactions, increase in consumer spending, and the increased adoption of card payment facilities by retailers across the country.

Consumers are increasingly shifting away from using cash as their primary mode of payments and are increasingly adopting alternative payment methods such as electronic fund transfer and cards. In spite of cash continuing to remain a major part of the payments market, there is a significant shift towards the use of card transactions. This is an attractive opportunity for banks and issuers and they are focusing on capitalizing on the same by using smart marketing strategies to encourage customers to use cards for payments. Rewards, promotional offers, discounts, and insurance are some of the benefits offered by banks and issuers.

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