Canada Extensive Payments Country Snapshot 2016 with Online Commerce Growth Expected to Rise at a CAGR of 9% by 2020

As per a recent research study observations, Canadian consumers are becoming more and more sophisticated and thoughtful in their choice of financial cards. Companies in the payments industry are acutely aware of this and are making use of consumer data tools to acquire knowledge about consumer spending habits. Market Research Hub (MRH) has broadcasted this latest study to its vast offerings, which is headlined as “Consumer Payments Country Snapshot: Canada 2016”. The study reveals the changing payment behaviors of Canadian consumers and businesses, considering payment cards, online payments, P2P payments and some newer payment technologies.

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According to the study findings, the banking sector in Canada considered as one of the safest banking systems in the world and a developed payment card market due to its robust economy and high level of card penetration. In spite of being a highly mature market, the country provides several opportunities for digital and mobile payment providers to develop innovation. At present, the mobile payment technological integration into the payments market has changed the industry’s structure. Consumers are now shifting towards mobile-friendly payment handing options to their smartphone devices. In the starting sections, the report considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools & contactless cards; and how companies in Canada are deploying these tools to meet customer needs.
Moreover, the report explores the online payment market in Canada by merchant type and payment tool, as well as providing a five-year forecast for the future development of the market. Consumer demands for speed, ease and rewards are driving much of the trends at the point of sale (POS), including debit and credit card, contactless and e-commerce growth. With this growth, the e-commerce sector in Canada is estimated to witness a CAGR of 9% during 2015-20. While over 9% of the number of transactions are made using cash or cheques, there is an opportunity for payment providers to promote products that feature rewards and benefits.
In the next part of the report, the report analyzes the major payment card types in terms of both card holding and usage. It has been observed by the researchers that, Canada has long been one of the top countries for its use of debit card transactions. In 2015, debit card transactions further cemented their position in Canada by expanding to account for one out of every four payments made (nearly 5.2 billion transactions). Finally, credit card growth is continuing in commercial related POS transactions, transactions that tend to be for higher amounts than consumer purchases.
The report further identifies the major competitors in card issuing and how their position in the market has changed over the last five years. Major market players are mentioned below:
• Mastercard
• American Express
• RBC
• Visa
• Interac
• TD Canada Trust
• Bank of Montreal
• CIBC
• ATB Financial
• Scotiabank
• Amazon

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This release was published on openPR.