Select Country Report
Financial cards and payments in 2024: The big picture
Financial cards and payments in Canada was impacted by moderated inflation rates in 2024, following raised interest rates immediately post-pandemic when inflation was high. Now, with the situation eased somewhat, the Bank of Canada has cut rates more than once during 2024.
2024 key trends
During the review period Canada saw accelerated development of digital-only banks, such as Tangerine, Koho, EQ Bank, and Simplii, among others. Though these new banks hold only tiny market share compared to the main traditional financial institutions, they are enjoying rising awareness among Canadian consumers and several locals have started to switch from traditional banks with physical presence to digital-only options.
Competitive landscape
The Canadian market continues to be highly concentrated, with the main banks controlling most of the market share in terms of cards in circulation, accounts, transactions and value. Royal Bank of Canada’s (RBC) acquisition of HSBC in April 2024 has increased the former’s market share, particularly for debit and credit cards.
What next for financial cards and payments?
As e-commerce and online transactions continue to expand and attempts at fraud accelerate, enhanced security will play a key role in the forecast period in terms of consumer confidence when using cards for online transactions. In addition, December 2023 saw a signed agreement between the government of Canada, Visa and Mastercard, designed to reduce merchant fees for card usage with the aim of pushing greater merchant acceptance for all different card payments; such accept is set to continue soaring.
USD 2,300
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF.
Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in Canada, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in Canada report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in Canada?
- What are the major trends key to understanding Financial Cards and Payments in Canada?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in Canada - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Competitive landscape
What next for financial cards and payments?
Table 1 Number of POS Terminals: Units 2019-2024
Table 2 Number of ATMs: Units 2019-2024
Table 3 Value Lost to Fraud 2019-2024
Table 4 Card Expenditure by Location 2024
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 6 Domestic versus Foreign Spend 2024
Table 7 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 8 Financial Cards by Category: Number of Accounts 2019-2024
Table 9 Financial Cards Transactions by Category: Value 2019-2024
Table 10 Financial Cards by Category: Number of Transactions 2019-2024
Table 11 Consumer Payments by Category: Value 2019-2024
Table 12 Consumer Payments by Category: Number of Transactions 2019-2024
Table 13 M-Commerce by Category: Value 2019-2024
Table 14 M-Commerce by Category: % Value Growth 2019-2024
Table 15 Financial Cards: Number of Cards by Issuer 2019-2023
Table 16 Financial Cards: Number of Cards by Operator 2019-2023
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 20 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 21 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 22 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 23 Forecast Consumer Payments by Category: Value 2024-2029
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 25 Forecast M-Commerce by Category: Value 2024-2029
Table 26 Forecast M-Commerce by Category: % Value Growth 2024-2029
DISCLAIMER
Summary 1 Research Sources
Charge Cards in Canada - Category analysis
KEY DATA FINDINGS
Cash flow restrictions reduce growth for charge cards
Small business and commercial use provide some support
High merchant fees reduce merchant acceptance
More flexibility required to reverse decline of charge cards in circulation
Lower interest rates threaten transactions and average transaction value, while low acceptance of Amex curbs category growth potential
Lack of competition leaves the door open for new operators
Table 27 Charge Cards: Number of Cards in Circulation 2019-2024
Table 28 Charge Cards Transactions 2019-2024
Table 29 Charge Cards in Circulation: % Growth 2019-2024
Table 30 Charge Cards Transactions: % Growth 2019-2024
Table 31 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 32 Commercial Charge Cards Transactions 2019-2024
Table 33 Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 34 Commercial Charge Cards Transactions: % Growth 2019-2024
Table 35 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 36 Personal Charge Cards Transactions 2019-2024
Table 37 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 38 Personal Charge Cards Transactions: % Growth 2019-2024
Table 39 Charge Cards: Number of Cards by Issuer 2019-2023
Table 40 Charge Cards: Number of Cards by Operator 2019-2023
Table 41 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 42 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 43 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
Table 44 Commercial Charge Cards: Number of Cards by Operator 2019-2023
Table 45 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 46 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
Table 47 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 48 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 49 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 50 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 51 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 52 Forecast Charge Cards Transactions 2024-2029
Table 53 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 54 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 55 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
Table 56 Forecast Commercial Charge Cards Transactions 2024-2029
Table 57 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
Table 58 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
Table 59 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 60 Forecast Personal Charge Cards Transactions 2024-2029
Table 61 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 62 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
Credit Cards in Canada - Category analysis
KEY DATA FINDINGS
Outstanding average credit card balance keeps on rising, as BNPL expands
New-to-Canada credit consumers drive growth for cards in circulation
Transactions and value see faster rises in 2024
Lenders to tighten credit card approval criteria due to rising level of delinquency
Reward programmes, fees and payment flexibility will shape competition, with m-commerce offering further growth potential
Overall growth set to remain robust for both personal and commercial credit cards
Table 63 Credit Cards: Number of Cards in Circulation 2019-2024
Table 64 Credit Cards Transactions 2019-2024
Table 65 Credit Cards in Circulation: % Growth 2019-2024
Table 66 Credit Cards Transactions: % Growth 2019-2024
Table 67 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 68 Commercial Credit Cards Transactions 2019-2024
Table 69 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 70 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 71 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 72 Personal Credit Cards Transactions 2019-2024
Table 73 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 74 Personal Credit Cards Transactions: % Growth 2019-2024
Table 75 Credit Cards: Number of Cards by Issuer 2019-2023
Table 76 Credit Cards: Number of Cards by Operator 2019-2023
Table 77 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 78 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 79 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 80 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 81 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 82 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 83 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 84 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 85 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 86 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 87 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 88 Forecast Credit Cards Transactions 2024-2029
Table 89 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 90 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 91 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 92 Forecast Commercial Credit Cards Transactions 2024-2029
Table 93 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 94 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 95 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 96 Forecast Personal Credit Cards Transactions 2024-2029
Table 97 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 98 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
Debit Cards in Canada - Category analysis
KEY DATA FINDINGS
RBC acquires HSBC Canada, while small businesses continue to feel pressure from labour force shortage
Low transaction limits impact value growth
Reduced interchange fees agreement boosts merchant acceptance
Rising e-commerce will continue to support virtual debit cards
Sophisticated and flexible reward programmes to further support transactions
High chequing account fees may impact issuance of new debit cards and accounts
Table 99 Debit Cards: Number of Cards in Circulation 2019-2024
Table 100 Debit Cards Transactions 2019-2024
Table 101 Debit Cards in Circulation: % Growth 2019-2024
Table 102 Debit Cards Transactions: % Growth 2019-2024
Table 103 Debit Cards: Number of Cards by Issuer 2019-2023
Table 104 Debit Cards: Number of Cards by Operator 2019-2023
Table 105 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 106 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 107 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 108 Forecast Debit Cards Transactions 2024-2029
Table 109 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 110 Forecast Debit Cards Transactions: % Growth 2024-2029
Pre-Paid Cards in Canada - Category analysis
KEY DATA FINDINGS
Growth driven by demand for financial inclusion
Change in immigration regulations slows growth in transactions and value for open loop pre-paid cards
Digital pre-paid options emerge key innovation and boost consumer awareness, with young people showing rising interest
Government payouts as key target for the pre-paid market in Canada
Security continues to be a key advantage for pre-paid cards, while fintech players show growing interest
Freelancers, short-term contract workers and small businesses to drive demand, as issuers invest more incentives
Table 111 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 112 Pre-paid Cards Transactions 2019-2024
Table 113 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 114 Pre-paid Cards Transactions: % Growth 2019-2024
Table 115 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 117 Open Loop Pre-paid Cards Transactions 2019-2024
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 119 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 120 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 121 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 122 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 132 Forecast Pre-paid Cards Transactions 2024-2029
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
Store Cards in Canada - Category analysis
KEY DATA FINDINGS
While innovation and flexibility support store cards in 2024, rise of BNPL remains real threat
Limited options hinder growth potential
Low limits contribute to low transaction and average spend growth, though digitalisation offers hope
Co-branded cards could address consumers’ concerns
New features to promote greater use of store cards
Negative impact on credit score will be discouraging
Table 139 Store Cards: Number of Cards in Circulation 2019-2024
Table 140 Store Cards Transactions 2019-2024
Table 141 Store Cards in Circulation: % Growth 2019-2024
Table 142 Store Cards Transactions: % Growth 2019-2024
Table 143 Store Cards: Number of Cards by Issuer 2019-2023
Table 144 Store Cards: Payment Transaction Value by Issuer 2019-2023
Table 145 Forecast Store Cards: Number of Cards in Circulation 2024-2029
Table 146 Forecast Store Cards Transactions 2024-2029
Table 147 Forecast Store Cards in Circulation: % Growth 2024-2029
Table 148 Forecast Store Cards Transactions: % Growth 2024-2029
The following categories and subcategories are included:
Financial Cards and Payments
-
- ATM Cards
-
- Commercial Charge Cards
- Personal Charge Cards
-
- Commercial Credit Cards
- Personal Credit Cards
-
- Commercial Debit Cards
- Personal Debit Cards
-
- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
-
-
- ATM Transactions
-
-
- Commercial Charge Card Transactions
- Personal Charge Card Transactions
-
- Commercial Credit Card Transactions
-
- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
-
- Commercial Debit Card Transactions
- Personal Debit Card Transactions
-
- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
-
-
- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
-
- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
-
-
- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
-
-
- Commercial Cash Transactions
- Commercial Other Paper Transactions
-
- Personal Cash Transactions
- Personal Other Paper Transactions
-
-
-
-
-
- Mobile Proximity Payments
- Mobile Remote Payments
-
Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitions
Share:
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Financial Cards and Payments research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!