Canada Cards And Payments Market -Trending Opportunities 2017-2021 | Industry Players- Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce, Bank of Montreal, Desjardins

The Canadian card payments channel recorded growth during the review period. In terms of the volume of cards in circulation, the card payments channel posted a review-period CAGR of 4.55%. Growth in consumer spending, a shift in consumer preference towards cashless transactions, and the increased acceptance of cards by retailers contributed to the growth of the Canadian card payments channel. The volume of cards in circulation is expected to post a forecast-period CAGR of 4.66%.

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Growth in M-Commerce:
The growth in m-commerce through mobile phones has been encouraged by smartphone use. Over the forecast period, m-payments are expected to post a CAGR of 35.20%. Although a number of smartphone users access the internet to make voice calls, access social networking sites, play games and watch movies, many also use their smartphones to purchase goods and services online. An increasing number of users are also downloading banking applications for this purpose.

To capitalize on the growing m-payments, search engine service provider Google introduced an m-payments platform called G-Pay. Key operators in the telecom sector such as AT&T, Verizon and T-Mobile have also teamed up to introduce mobile payments platform, Isis.

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Contactless cards likely to change the market structure with enhanced security measures
Commercial banks and retailers have been aggressively promoting contactless payment technology to increase the speed and convenience of payments for consumers. The technology also offers improved security and helps to control fraudulent transactions. The major contactless payment technologies used in Canada include Interac’s Interac Flash, Visa’s payWave and MasterCard’s PayPass.

Interac Flash is a contactless payment system embedded in Interac debit cards. Secure chip-processing technology is used to protect the card from fraud such as skimming, counterfeiting, and electronic pick-pocketing. A number of banks, including Royal Bank of Canada (RBC) and TD Canada Trust, are circulating debit cards with this technology. Visa payWave enables cardholders to make contactless payment transactions using cell phones with near-field communication (NFC) technology.

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Reasons to Purchase this report:
• Track key industry trends, opportunities and threats related to Canada’s cards and payments industry and each market within it.
• Gain insights into the competitive landscape of card issuers for both, debit cards and pay later cards.
• Gain insights into marketing strategies used by market players for various card types in Canada.
• Gain insights into key regulations governing Canada’s cards and payments market.

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