28 Nov Canada Payments Market is Expected to Grow at a CAGR of 9.60% by 2032
Canada Payments Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 9.60% (2024-2032)
Market Size in 2023: USD 13.6 Billion
Market Forecast in 2032: USD 31.1 Billion
The Canada payments market is undergoing a significant transformation through rapid adoption of contactless payments. According to the latest report by IMARC Group, the market size reached USD 13.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 31.1 Billion by 2032, exhibiting a growth rate (CAGR) of 9.60% during 2024-2032.
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Canada Payments Industry Trends and Drivers:
Growing Adoption of Tap-and-Go Transactions
- Consumers increasingly prefer tap-and-go payments for convenience and speed.
- Near Field Communication (NFC) technology supports secure, contactless payments.
Rise of Mobile Wallets and Digital Currencies
- Platforms like Apple Pay, Google Pay, and Samsung Pay are gaining traction.
- Mobile wallets allow users to store payment information digitally for seamless transactions.
Emergence of Buy Now, Pay Later (BNPL) Services
- BNPL is reshaping the retail and e-commerce landscape by offering flexible payment options.
- Consumers can split payments for both online and in-store purchases.
Emphasis on Security and Fraud Prevention
- Increasing digital transactions drive investments in advanced authentication methods.
- Technologies such as biometrics and multi-factor authentication enhance transaction security.
Growth in Real-Time Payments
- Real-time payment systems enable instant money transfers.
- These systems improve convenience for both businesses and consumers.
Key Drivers of the Canada Payments Market
Shift to Digital and Mobile Payment Solutions
- High smartphone penetration drives adoption of mobile wallets and contactless payment systems.
- Consumers prefer quick, secure, and convenient digital transactions.
Impact of E-Commerce Growth
- The rise in online shopping increases the demand for digital payments over cash or credit cards.
- Younger demographics are particularly inclined toward digital payment methods.
Supportive Regulatory Environment
- The Real-Time Rail (RTR) system fosters faster and more efficient payment processing.
- Government initiatives promote financial inclusion, ensuring accessibility for rural and remote populations.
Focus on Security Innovations
- Increasing concerns about payment security have led to advancements like tokenization, biometrics, and multi-factor authentication.
- Enhanced fraud prevention measures are critical for consumer trust.
Expansion of Cross-Border Transactions
- Growing cross-border trade necessitates payment systems that facilitate international payments efficiently.
- Demand for seamless global payment solutions contributes to Canada payments market growth.
Canada Payments Industry Segmentation:
The report has segmented the market into the following categories:
Mode of Payment Insights:
- Point of Sale
- Card Payments
- Digital Wallet
- Cash
- Others
- Online Sale
- Card Payments
- Digital Wallet
- Others
End Use Industry Insights:
- Retail
- Entertainment
- Healthcare
- Hospitality
- Others
Regional Insights:
- Ontario
- Quebec
- Alberta
- British Columbia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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