Credit cards Dominate the point-of-sale Transactions in Canada While Mobile Payments Picking up Pace in Canada Payments Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The report titled “Payments in Canada 2017: What Consumers Want”, provides a comprehensive analysis of payments market overview, cashless transaction options, mobile payments and person-to-person (P2P) services, in-app channels, debit and credit cards use, trust in online banking, social messenger services- payment options, technological advancements in payments market, leading players in Canada’s payment market, and the future of payments market in the country. Payments Market Overview: With the introduction of new ways to make payment using credit and debit cards, cash is still a leading the way to make payments in Canada. However, all the newer payment methods are witnessing a drastic growth such as mobile payments and person-to-person (P2P) services. Recent studies show that the credit cards dominate the payments landscape and social media payments are increasing rapidly. Credit cards dominate the point-of-sale transactions in Canada, and almost all consumers are motivated by convenience and rewards with their chosen method of payment. It was observed that credit card spending has increased along with increase in online payments. Canadians used credit cards more often to earn rewards and are the second largest user of credit cards worldwide. Majority of the credit cards issued in Canada provided some kind of rewards incentives. The frequent use of credit cards in the country is partly due to the growth of in-app channels, such as the “friction-free experience” with companies such as Uber and iTunes. Therefore, 90% of transactions are completed through credit cards. Technological Advancements: In the total number of transactions category, cash remains the most common payment method but the use of cash has declined at a slower rate compared to the recent years. Year-over-year growth was observed in the prepaid transactions. Canadian consumers trust on online banking is increasing witnessing more number of online transfers topping all payment methods. Interac is a non-profit organization and has control in the Canadian debit card market. It was established in the year 1984 by five leading banks in Canada such as RBC, CIBC, Scotiabank, TD Bank, and Desjardins. Interac e-Transfers accounts for a huge growth in the volume of payment transactions. The use of online transfers for businesses has also increased representing more transactions compared to the previous years. The increased collaboration between new-entrant fintechs and Canadian financial institutions will witness a new level of convenience for banking and payments using social media. The social messenger services operated by the Facebook, Google and Apple messenger services are also a part of online payment transfers that are completed through such social media. Advanced technology has led the Competition Bureau Canada (CBC) to collaborate between financial regulators and fintech industry leaders. With the technological advancements, making payments has become easy and convenience but consumers are also suspicious of security breaches. The debit and credit cards in Canada are already quite saturated and prepaid cards will witness a fastest growth in the near future. The prepaid cards category is growing rapidly with a smaller base when compared to credit and debit cards. All the prepaid cards are typically used in lieu of a credit card, which involves a revolving line of credit whereas prepaid cards do not access credit. The leading players in the payments market in Canada are Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce, Bank of Montreal, Desjardins, Visa, Mastercard and American Express. Way Forward in Payments Market in Canada: Canadian consumers are enthusiastic users of payment cards. Canada possesses a highly developed competitive payment card market with prepaid cards and debit cards. Credit cards are used for spending and debit cards are frequently used at the POS. Therefore, this reflects consumer’s continuing migration from usage of cash to payment cards and contactless debit cards. Latest technology, mobile wallets is an attraction in Canada with the launch of popular international payment solutions such as Apple Pay, Samsung Pay, and Android Pay. The widespread use of contactless payments with well-established infrastructure is anticipated to drive electronic payments in Canada over the coming years. Key Topics Covered in the Report: Canadian Debit Card Market Report Canadian Credit Card Market Report Canadian Pre-Paid Cards Market Report Canadian Debit Card Market Analysis Canadian Credit Card Market Analysis Canadian Pre-Paid Cards Market Analysis Technological Advancements In Canadian Payments Market Leading Players In Canadian Payments Market Canada bill Payment Market Research Canada Money Remittance Industry Alternative payment methods in Canada Canada Cards and payments industry trends Consumer payment industry Canada Canada Credit Card industry analysis Canada plastic money market Canada Credit cards market research Canada cards and payments market research report M-commerce Market Canada Ecommerce payment industry Canada Canada payment industry Wallet payment market Canada Plastic Card Money Canada P2P payments Canada Online Payment channels Canada Debit cards market Canada Credit card demand in Canada Credit card demand future Outlook Canada To know more, click on the link below: https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/payments-in-canada-2017-what-consumers-want/142701-93.html Follow for Related Links Payments Landscape in the Philippines: Opportunities and Risks to 2021 Payments Landscape in Russia: Opportunities and Risks to 2021 Contact Us: Ken Research Ankur Gupta, Head Marketing sales@kenresearch.com +91-124-4230204 Post Views: 9 Tags: Alternative Payment Methods in Canada, Canada Bill Payment Market Research, Canada Cards and payments industry trends, Canada cards and payments market research report, Canada Credit Card industry analysis, Canada Credit cards market research, Canada money remittance industry, Canada payment industry, Canada plastic money market, Canadian Credit Card Market Analysis, Canadian Credit Card Market Report, Canadian Debit Card Market Analysis, Canadian Debit Card Market Report, Canadian Pre-Paid Cards Market Analysis, Canadian Pre-Paid Cards Market Report, Consumer payment industry Canada, Credit card demand future Outlook Canada, Credit card demand in Canada, Debit cards market Canada, Ecommerce payment industry Canada, Leading Players In Canadian Payments Market, M-commerce Market Canada, Online Payment channels Canada, P2P payments Canada, Plastic Card Money Canada, Technological Advancements In Canadian Payments Market, Wallet payment market Canada