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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Market Growth Potential
The major banks and issuers have been promoting their cards in a robust manner through the promotion of contactless payment technology for increasing the ease and efficiency of payments. This technology also has the benefits of improvised security and aids in controlling fraud. Interac Flash, payWave, and PayPass, are the major contactless technology payments widely used in Canada. All of the above use contactless payment technology but through different media. Interac Flash by Interac uses a chip embedded in the Interac debit cards which can be used to make contactless payments. Visa’s payWave enables customers to make contactless payments through their smartphones using the NFC technology. PayPass by MasterCard using a similar technology and allows customers to pay in a contactless manner, wherein the mobile directly connects with the payment gateway at POS, when it is scanned at the payment terminal.
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The Market in Canada is analysed geographically under the region of North America. Canada accounts for one of the largest shares of the North America Cards and Payments 2017, and is also showing robust growth in the market. The specific targeting of customer segments by banks and increasing adoption of contactless payments of the card payments channel are expected to keep the market outlook stable in the coming future.
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