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Canada Cards and Payments Market

P&S Market Research-Canada Cards and Payments Market report

Canada Cards and Payments Market – Size, Share, Development, Growth and Forecast to 2020

Published: April 2016
Report Code: FS10606
Available Format: pdf
Pages: 61

Report Coverage

  • Historical market size for the period 2012-2014 and forecast for the period 2015-2020.
  • Number of cards in cirulation, and value and volume of transactions.
  • Number of terminal, and value and volume of transactions.
  • Industry trends, drivers, and opportunities.
  • Competitive landscape of card issuers for both, debit cards and credit cards.
  • Major schemes, debit and credit cards by customer segments.

Research methodology

The study is based on extensive secondary and primary research. The various sources studied during the secondary research include websites of payment/ banking/ industry associations, industry regulatory bodies, banks, and card issuers. The primary research included in-depth interviews with industry experts and key opinion leaders.

Canada cards and payments market overview

In terms of number of cards in circulation, the Canadian payment cards market is expected to grow at a CAGR of 2.9% over the period 2015-2020. The growth of cards in circulation in Canada, can be attributed to expansion of ATMs and POS terminals, growing disposable income and greater acceptance of payment cards in the country.

The GDP per capita of Canada increased from CAD 52,775.2 in 2012 to CAD 55,641.5 in 2014. The GDP per capita is likely to increase further over the period 2015-2020, to reach CAD 65,509.6 in 2020. This growing GDP is expected to result in an increased cards usage over the forecast period.

In Canada, the credit card segment dominates the payment cards market in terms of number of cards in circulation. Credit cards are being used by consumers to shop at retail outlets and make online payments. The credit card market is expected to grow over the forecast period at a CAGR of 1.6%. MasterCard was the leading scheme in the Canadian credit card market in 2014. The credit cards in the country are primarily used at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. The frequency of credit card use witnessed a CAGR of 1% during 2012-2014. Whereas, the frequency of use  of debit card increased from 194 in 2012 to 202 in 2014, at a CAGR of 2.1%. It is further expected to grow at a CAGR of 1.4% during the forecast period. In the debit card segment, RBC was the leading card issuer in terms of the number of cards in circulation, in 2014.

The average charge card transaction value decreased from CAD 121.4 in 2012 to CAD 117.7 in 2014, at a CAGR of -1.5%. The charge card turnover decreased from CAD 4,583.3 in 2012 to 4,250.7 in 2014. And the frequency of transaction is expected to reach up to 32.5 times by 2020.

Key players in the Canada cards and payments market:

  • Royal Bank of Canada
  • Canadian Imperial Bank of Commerce
  • Bank of Montreal
  • Scotiabank
  • TD Canada Trust

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