Payments
in Canada 2017:
What Consumers Want", report examines the consumer payments market in
Canada, considering payment cards, online payments, P2P payments, and newer
payment technologies such as mobile wallets and contactless. The report also
examines the main regulatory players overseeing the market.
Canada is a developed and highly competitive
payment card market-with pay-later and debit card penetration rates of 219.9
and 85.4 per 100 individuals in 2017. Canadian consumers are avid users of
payment cards, with frequency of use at 101.2 transactions per card. While
credit cards dominate in terms of spending, debit cards are more frequently
used at the POS, with this figure the highest among its peers. This is largely
a reflection of the continuing migration of low-value cash payments to payment
cards, as well as increased usage of contactless debit cards. Newer
technologies such as mobile wallets are also gaining traction in the country
with the launch of popular international payment solutions such as Apple Pay,
Samsung Pay, and Android Pay. In addition, widespread use of contactless
payments-backed by well-established contactless payment infrastructure-is
anticipated to further drive electronic payments in Canada.
It provides in-depth analysis of the following
Analyzes consumer attitudes to financial services by lifestage. Analyzes the
major payment card types in terms of both card holding and usage. Identifies
the major competitors in card issuing and how their position in the market has
changed over the last five years. Considers consumer attitudes towards P2P
tools, mobile payment tools, and contactless cards, and how companies in Canada
are deploying these tools to meet customer needs. Explores the online payment
market in Canada by merchant type and payment tool, as well as providing a
five-year forecast for the development of the market.
Interac-which is a non-profit organization-has
a monopoly in the Canadian debit card market. Interac Association was
established in 1984 by five leading banks: RBC, CIBC, Scotiabank, TD Bank, and
Desjardins. The average interchange fee charged on Visa and Mastercard
pay-later cards in Canada is now more than 1.5%, which is much higher compared
to the 0.3% charged in the EU. As this has resulted in high card-acceptance
costs, many merchants in Canada have raised concerns. According to Payments
Canada'sCanadian Payment Methods and Trends report, contactless volumes and
values increased by 81% and 78% in 2016. According to the same report, the
number of contactless transactions increased significantly, totaling 1.1
billion with credit cards and 1 billion with debit cards.
Key Topics
Covered in the Report:
Canada Payments Market Outlook
Canada Payments Market Size
Canada Payments Market Research Report
Canada Payments Market Trends
Canada Payments Market Demand
Canada Payments Market Share
Canada Payments Industry Analysis
Canada Payments Industry Research
Canada Payments market Revenue
To know
more, click on the link below:
Related reports :-
Contact:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91-124-4230204