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Canada lags the digital pace set by leading Western economies.
Canada consumer demographics inform digital payment growth trends.
Winners will be decided on the digital battlefield.
Among traditional payment methods in Canada, credit cards are the most mature.
But debit card payment value is growing with retail volume and gaining digital traction.
And prepaid cards are getting a boost from younger Canadians and gig workers.
Cash is hanging on across age groups.
Among emerging payment methods, contactless cards are wildly popular.
Mobile wallets are gaining prominence thanks to growing ecommerce share.
Younger consumers are propping up nascent BNPL growth.
The crypto crisis is curbing already low payments momentum.
What should marketers in the Canada payments industry do next?
Sources
Media Gallery
About This Report
Canada is behind other Western economies in digital payments adoption, but new technologies are finding footing against cards. Diving into usage among different demographic groups foretells how adoption will progress.
Canada lags the digital pace set by leading Western economies.
Canada consumer demographics inform digital payment growth trends.
Winners will be decided on the digital battlefield.
Among traditional payment methods in Canada, credit cards are the most mature.
But debit card payment value is growing with retail volume and gaining digital traction.
And prepaid cards are getting a boost from younger Canadians and gig workers.
Cash is hanging on across age groups.
Among emerging payment methods, contactless cards are wildly popular.
Mobile wallets are gaining prominence thanks to growing ecommerce share.
Younger consumers are propping up nascent BNPL growth.
The crypto crisis is curbing already low payments momentum.
What should marketers in the Canada payments industry do next?
Sources
Media Gallery
Executive Summary
Canada consumers lag Western leaders in adopting digital payments, but mainstream contactless usage has set the table for mobile payments to grow—and certain demographic groups are leading the charge. Marketers can reach these groups by pinpointing demographic payment habits and digital preferences.
Scroll on to learn:
The size of Canada’s consumer payments opportunity
The major established and emerging brands fighting for share
Key payment methods—from credit cards to cryptocurrency—and their growth trajectory
Demographic trends that are driving business upheaval
Key Question: How are payment method preferences among different demographic groups influencing the shift to digital payments in Canada?
KEY STAT: Canada’s food and retail transaction volume will grow 4.0% in 2023, per our forecast, with credit cards holding on to a majority share. But a slight decrease from the year prior could be linked to a slip in their digital dominance.
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Table of Contents
Executive Summary
Canada lags the digital pace set by leading Western economies.
Canada consumer demographics inform digital payment growth trends.
Winners will be decided on the digital battlefield.
Among traditional payment methods in Canada, credit cards are the most mature.
But debit card payment value is growing with retail volume and gaining digital traction.
And prepaid cards are getting a boost from younger Canadians and gig workers.
Cash is hanging on across age groups.
Among emerging payment methods, contactless cards are wildly popular.
Mobile wallets are gaining prominence thanks to growing ecommerce share.
Younger consumers are propping up nascent BNPL growth.
The crypto crisis is curbing already low payments momentum.
What should marketers in the Canada payments industry do next?
Canada lags the digital pace set by leading Western economies.
Canada consumer demographics inform digital payment growth trends.
Winners will be decided on the digital battlefield.
Among traditional payment methods in Canada, credit cards are the most mature.
But debit card payment value is growing with retail volume and gaining digital traction.
And prepaid cards are getting a boost from younger Canadians and gig workers.
Cash is hanging on across age groups.
Among emerging payment methods, contactless cards are wildly popular.
Mobile wallets are gaining prominence thanks to growing ecommerce share.
Younger consumers are propping up nascent BNPL growth.
The crypto crisis is curbing already low payments momentum.
What should marketers in the Canada payments industry do next?
Sources
Media Gallery
About This Report
Canada is behind other Western economies in digital payments adoption, but new technologies are finding footing against cards. Diving into usage among different demographic groups foretells how adoption will progress.
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