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

The research report provides in depth analysis and insights into the Canada Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

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The number of payment cards in circulation in Canada increased at a CAGR of 6.1% during the period 2012-2014. The growth of cards in circulation during the period can be attributed to expansion of ATMs and POS terminals, growing disposable income and greater acceptance of payment cards in the country.

The consumer preference for cashless payments further supports the growth of card payments in the country. Banks have implemented different pricing and marketing strategies to encourage consumers to increase card payments rather than paying in cash. Common strategies used by banks and card issuers are product discounts and reward points.

The Canadian payment card market is dominated by the credit card segment, 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 credit card market in 2014. The credit cards in the country were 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. The credit card market witnessed intense competition among credit card issuers, to encourage card usage and spend. The card issuing banks implemented various marketing strategies and offered numerous campaigns to attract consumers. The key players in the credit card market include Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce and Bank of Montreal.

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The charge cards segment represents a small portion of the Canadian pay later card market. Average charge card transaction value declined from CAD 121.4 in 2012 to CAD 117.7 in 2014, at a CAGR of -1.5%. The average charge card transaction value is further expected to decline during the forecast period.