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Canada Country Report

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  • Published Date: May 2018 – update available May 2020

A comprehensive overview of the credit cards, payments and merchant acquirer market in Canada.

CANADA CARDS AND PAYMENTS REPORT | KEY FACTS

  • Canada's retail banking and payments landscape is dominated by the big five domestic banks: RBC, TD Bank, Scotiabank, CIBC and BMO.
  • Canadian consumers are frequent users of payment cards by international standards. In 2017, the average adult made 369 card payments, just over one per day.
  • Non-cash payments account for over 60 per cent of consumer payments and close to 90 per cent of the value of payments.
  • Canada is among the global leaders in both ATM and POS penetration relative to the country's population.
  • The country's credit cards market is highly competitive. Issuers are offering increasingly lucrative cashback and rewards to attract
  • cardholders.
  • This has incentivised consumers to choose credit over debit. Credit card spending has grown by an average of eight per cent in the last four years, compared to three per cent growth for debit cards.
  • Interac, a bank-owned, not-for-profit company, holds a virtual monopoly position in the debit cards market.
  • Visa and Mastercard agreed to cap the average credit card interchange fees at 1.5 per cent of the transaction value for five years, effective from April 2015.
  • In early 2018, American Express announced that it had partnered with Chase Merchant Services to offer reduced fees to members of the Canadian Federation of Independent Business.
  • Moneris Solutions, jointly owned by RBC and BMO, is the leading acquirer. Domestic banks and large US processors compete for the remainder of the market.

Canada Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume

MORE NORTH AMERICA PAYMENTS REPORTS

Verisk Financial Research reports deliver market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in North America. Researchers use both primary and secondary source data and conduct in-depth interviews with senior industry executives and North American experts.

See more North America Country Reports or explore the full range of financial research reports for 72 cards and payments markets worldwide,

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.