Press release
Consumer Payments Country Snapshot in Canada Market: payment cards, online payments, P2P payments
In spite of being a highly mature market, Canada provides increasing opportunities for digital and mobile payment providers to develop innovation. Canada is a developed payment card market due to its robust economy and high level of card penetration. While the market has a high level of competition between existing payment providers, there is an opportunity for alternative payments providers to promote digital and mobile channels by highlighting their use cases and advantages over traditional payment tools in order to gain significant adoption among consumers.
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This report examines the consumer payments market in Canada, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in Canada are deploying these tools to meet customer needs.
- Explores the online payment market in Canada by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.
Complete Report Details @ https://www.marketresearchreports.biz/reports/1054384/consumer-payments-country-snapshot-canada-2016-market-research-reports
Scope
- While credit cards account for 68% of cards in issue, they are used almost four times less frequently at the point of sale (POS) than debit cards. Since Canadians are still relatively comfortable with credit card debt, usage should be incentivized if providers want to increase their revenue from interest.
- Consumers are comfortable with online commerce, which will record a compound annual growth rate (CAGR) of 9% during 2015-20. While over 9% of the number of transactions and 19% of the value of transactions are made using cash or cheques, there is an opportunity for payment providers to promote products that feature rewards and benefits, as well as being convenient and easy to use.
- In spite of relatively developed contactless payment infrastructure and merchant acceptance, Canadian consumers have yet to make significant progress in adopting and using mobile payments technology. As interest in mobile forms of contactless payments is new, providers should seek to boost uptake by adding value to mobile payments propositions beyond payments functionality.
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Reasons to buy
- Understand the key facts and figures in the consumer payments market in Canada.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in Canada and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Canadian payments players and any recent or upcoming changes to those requirements.
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