Canada Cards and Payments Markets, Opportunities and Risks Report 2022-2023 & 2026

Dublin, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The "Canada Cards and Payments - Opportunities and Risks to 2026" report has been added to's offering.

This 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, cash, credit transfers, direct debits, mobile wallets and cheques during the review-period (2018-22e).

The report delves into an in-depth analysis of various payment card markets within the industry, providing comprehensive insights into card circulation numbers, transaction values, and volumes spanning both the review period and the forecast period from 2022 to 2026. It further furnishes valuable data concerning Canada's competitive landscape, encompassing market shares of issuers and schemes.

One noteworthy development in Canada's payment landscape is the ongoing development of the Real-Time Rail (RTR) system by Payments Canada. This innovative platform is designed to facilitate real-time payments and will support API integrations, allowing participants to offer value-added services. Payments Canada's strategic partnership with Interac in March 2021, leveraging Interac's exchange solution for RTR payment message transmission, exemplifies the collaborative efforts driving this initiative.

Mastercard's Vocalink has been entrusted with providing the clearing and settlement solution for the RTR system. Another significant transformation occurred in September 2021, with the replacement of the Large Value Transfer System (LVTS) by Lynx, an electronic credit transfer system operating in real-time. In June 2022, Lynx introduced an updated ISO 20022 messaging standard, aligning with SWIFT global standard requirements and garnering support from 17 banks and financial institutions in Canada as of April 2023.

However, Canada's financial landscape has witnessed shifts, with the central bank steadily increasing interest rates to combat inflation. The Bank of Canada's policy interest rate, raised to 4.5% in January 2023 from 0.25% in January 2022, has led to corresponding increases in interest rates on consumer lending products by banks and card issuers. These rate adjustments are expected to have a direct impact on the credit card market, potentially resulting in reduced spending via credit cards.

Meanwhile, Canada is embracing alternative payment solutions, exemplified by the introduction of Samsung Pay in November 2016. This digital wallet and mobile payment app offer consumers the flexibility to conduct both online and in-store payments using Samsung phones.

A recent development in January 2023 introduced Samsung Wallet, integrating Samsung Pay with additional functionalities. Beyond mobile payments, users can now conveniently store and access digital keys, boarding passes, and crucial documents like ID cards and driving licenses within the digital wallet. Notably, Samsung Pay enjoys the support of 42 banks and credit institutions in Canada as of May 2023, reflecting the growing adoption of these alternative payment solutions in the country.

The 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 cards, cash, credit transfers, direct debits, mobile wallets 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

Key Topics Covered:

  • Market Overview
  • Payment Instruments
  • Card-Based Payments
  • Merchant Acquiring
  • Ecommerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
  • Payment Innovations
  • Job Analysis
  • Payment Infrastructure and Regulation
  • Appendix

A selection of companies mentioned in this report includes

  • Royal Bank of Canada
  • TD Canada Trust
  • Desjardins
  • Scotiabank
  • CIBC
  • BMO
  • Interac
  • Visa
  • Mastercard
  • American Express
  • Moneris
  • Global Payments
  • Chase Paymentech
  • TD Merchant Solutions
  • PayPal
  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Click to Pay
  • paysafecard
  • Klarna
  • Afterpay

For more information about this report visit

Source: GlobalData

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