The ‘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 the analyst’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.
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 the analyst’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.
The ‘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
1. Executive Summary2. 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
- 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
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Laurentian Bank
- National Bank of Canada
- ATB Financial
- Bank of Montreal
- CIBC
- Desjardins Bank
- Scotiabank
- TD Canada Trust
- Royal Bank of Canada
- Visa
- Mastercard
- American Express
