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Canada Cards and Payments: Opportunities and Risks to 2029

Publisher GlobalData
Published Jun 27, 2025
Length 96 Pages
SKU # GBDT20204546

Description

Canada Cards and Payments: Opportunities and Risks to 2029

Summary

GlobalData’s ‘Canada Cards and Payments: Opportunities and Risks to 2029' 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 cash, card, credit transfer, 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 (2025f-29f). 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.

GlobalData’s ‘Canada Cards and Payments: Opportunities and Risks to 2029' 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, credit transfer, card, cheques and direct debits . 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 Highlights
  • Canada’s Retail Payments Activities Act (RPAA) became effective from November 1, 2024, establishing a regulatory framework for retail payments, overseen by the Bank of Canada. The law aims to protect Canadian consumers and businesses and the financial system from potential risks and fraud. Under the RPAA, payment service providers (PSPs) must register with the Bank of Canada and adhere to new requirements, including operational risk controls, safeguarding user funds, and mandatory reporting. PSPs had until November 15, 2024 to submit their initial registration applications. The Bank of Canada then began reviewing submissions, with the enforcement of compliance requirements. On September 8, 2025, it will publish the full list of successful and refused applications.
  • In December 2023, the Canadian Government negotiated agreements with Visa and Mastercard to reduce interchange fees for small businesses. As a result, effective from October 2024, Visa and Mastercard agreed to reduce domestic consumer credit interchange fees for in-store transactions to an annual weighted average interchange rate of 0.95% and for online transactions by 10 basis points. Businesses with an annual Visa sales turnover of less than CAD300,000 ($218,989.45) will be eligible for lower interchange fees, while it should be below CAD175,000 ($127,743.85) to qualify for lower fees from Mastercard. More than 90% of businesses that accept credit cards will benefit from lower rates, as this is expected to save small businesses about $1 billion over five years.
  • To boost spending, retailers are focusing on offering convenient in-store shopping experiences. In June 2024, The Goods Express, a convenience store featuring Amazon Just Walk Out technology, was launched at Toronto Pearson Airport. Customers can enter the store without waiting in line. By simply swiping their credit card or mobile wallet, they can swiftly select the desired products and proceed to make their purchase. The credit card will be instantly charged for the items chosen. The store offers travel essentials, such as drinks, snacks, grab-and-go food, travel accessories, and electronics. Customers who would like a receipt can enter their email address into the touchpad as they exit the store and a digital receipt will be emailed to them.
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 cash, credit transfer, card, cheques and direct debits .
  • 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.

Table of Contents

96 Pages
1. Executive Summary
2. Market Overview
3. Payment Instruments
4. Card-Based Payments
5. Merchant Acquiring
6. Ecommerce Payments
7. In-Store Payments
8. Buy Now Pay Later
9. Mobile Payments
10. P2P Payments
11. Bill Payments
12. Alternative Payments
13. Payment Innovation
14. Job Analysis
15. Payment Infrastructure and Regulation
16. Appendix
List of Tables
Key facts, 2025
Benchmarking of payment cards, 2024e
Payment instrument transaction values (LCU), 2020-29f
Payment instrument transaction values ($), 2020-29f
Payment instrument transaction volumes (units), 2020-29f
Payment cards in circulation by type (units), 2020-29f
Volume of payment card transactions (units), 2020-29f
Value of payment card transactions (LCU), 2020-29f
Value of payment card transactions ($), 2020-29f
Debit cards in circulation (units), 2020-29f
Debit card transaction volumes, 2020-29f
Debit card transaction values (LCU), 2020-29f
Debit card transaction values ($), 2020-29f
Debit cards in circulation by scheme (units), 2020-24e
Debit card transaction values by scheme (LCU), 2020-24e
Debit card transaction values by scheme ($), 2020-24e
Debit cards in circulation by issuer (units), 2020-24e
Debit cards transaction value by issuer (LCU), 2020-24e
Debit cards transaction value by issuer ($), 2020-24e
Credit and charge cards in circulation (units), 2020-29f
Credit and charge card transaction volumes, 2020-29f
Credit and charge card transaction values (LCU), 2020-29f
Credit and charge card transaction values ($), 2020-29f
Credit and charge cards in circulation by scheme (units), 2020-24e
Credit and charge card transaction values by scheme (LCU), 2020-24e
Credit and charge card transaction values by scheme ($), 2020-24e
Credit and charge cards in circulation by issuer (units), 2020-24e
Credit and charge cards transaction value by issuer (LCU), 2020-24e
Credit and charge cards transaction value by issuer ($), 2020-24e
Credit cards in circulation (units), 2020-29f
Credit card transaction volumes, 2020-29f
Credit card transaction values (LCU), 2020-29f
Credit card transaction values ($), 2020-29f
Credit cards in circulation by scheme (units), 2020-24e
Credit card transaction values by scheme (LCU), 2020-24e
Credit card transaction values by scheme ($), 2020-24e
Credit cards in circulation by issuer (units), 2020-24e
Credit cards transaction value by issuer (LCU), 2020-24e
Credit cards transaction value by issuer ($), 2020-24e
Charge cards in circulation (units), 2020-29f
Charge card transaction volumes, 2020-29f
Charge card transaction values (LCU), 2020-29f
Charge card transaction values ($), 2020-29f
Charge cards in circulation by scheme (units), 2020-24e
Charge card transaction values by scheme (units), 2020-24e
Charge card transaction values by scheme ($), 2020-24e
Prepaid cards in circulation (millions), 2021-29ePrepaid card transaction values (LCU), 2021-29f
Prepaid card transaction values ($), 2021-29f
Merchant acquiring transaction volumes (units), 2020-29f
Merchant acquiring transaction values (LCU), 2020-29f
Merchant acquiring transaction values ($), 2020-29f
Acquirers’ transaction volumes (units), 2020-24e
Acquirers’ transaction values (LCU), 2020-24e
Acquirers’ transaction values ($), 2020-24e
Retail outlets and card-accepting merchants (units), 2020-29f
Debit card average interchange fees (%), 2020-24e
Credit and charge card average interchange fees (%), 2020-24e
Debit card merchant service charge and interchange fee (%), 2020-29f
Credit and charge card merchant service charge and interchange fee (%), 2020-29f
Retail market by product categories (LCU), 2020-29f
Retail market by product categories ($), 2020-29f
Retail market by service categories (LCU), 2019-23
Retail market by service categories ($), 2019-23
List of Figures
Inflation rate
GDP growth rate
Payment instruments transaction value and volume
Instant payments transaction value and volume
Card penetration
Card payments by value
Debit card frequency of payments and average transaction value
Debit card schemes transaction value and volume
Debit card issuers by number of cards and transaction value
Credit card frequency of payments and average transaction value
Credit card schemes transaction value and volume
Credit card issuers by number of cards and transaction value
Credit card debt
Prepaid Cards: Market Sizing and Forecasting
Contactless card holding and usage in detail
E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
Ecommerce market by product and services
Ecommerce market by paymnet tools
Factors driving in-store payments and In-store transaction value by payment method
In-store transaction value by products and services
BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
BNPL online transaction value and transaction volume
BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
Mobile wallet holding and use by demographic
Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
Domestic and international P2P money transfers
Paymnet tool preference for bill payment and bill paymnet frequency
Active jobs intensity in the country
Number of POS terminals and ATMs

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