IMARC Group has recently released a new research study titled “Canada Payments Market Report by Mode of Payment (Point of Sale, Online Sale), End Use Industry (Retail, Entertainment, Healthcare, Hospitality, and Others), and Region 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Market Overview

The Canada payments market size reached 22.8 Billion Transactions in 2024 and is projected to grow to 38.7 Billion Transactions by 2033. The market is expected to expand at a CAGR of 5.6% during the forecast period from 2025 to 2033. This growth is driven by the flourishing e-commerce sector and increasing adoption of online payment methods, which offer convenience and enhance transaction volumes.

Study Assumption Years

●     Base Year: 2024

●     Historical Year/Period: 2019-2024

●     Forecast Year/Period: 2025-2033

Canada Payments Market Key Takeaways

●     Current Market Size: 22.8 Billion Transactions in 2024

●     CAGR: 5.6%

●     Forecast Period: 2025-2033

●     The thriving e-commerce industry with 27 million users in 2022 boosts payment processing services demand.

●     Innovations in secure payment solutions including fraud detection and tokenization support market growth.

●     Alternative payment methods like digital wallets, BNPL, and bank transfers are increasingly used.

●     Cross-border transactions rise from Canadian firms selling globally, benefiting currency conversion and payment processing.

●     Mobile commerce accelerates growth through mobile wallets and in-app purchase payment options.

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Market Growth Factors

The Canada payments market growth is largely propelled by the thriving e-commerce sector. In 2022, approximately 27 million Canadians, representing 75% of the population, engaged in e-commerce activities. This surge leads to increased transaction volumes and drives demand for payment processing services. Financial institutions and payment providers benefit from higher transaction revenues. Secure payment methods like fraud detection, tokenization, and encryption are increasingly adopted to protect sensitive data, serving both customers and retailers effectively.

The increasing reliance on online payment solutions is another key driver. According to Statistics Canada, 78% of Canadians used the internet for online banking in 2022. The convenience of online payments allows consumers to shop from home or on the go without carrying cash. The growth of digital wallets supports safer and easier online shopping experiences. Additionally, mobile commerce is on the rise with more users employing smartphones and tablets for purchasing, supported by in-app purchases and mobile wallets enhancing transaction ease and security.

Moreover, cross-border transactions are expanding due to Canadian businesses selling globally via e-commerce platforms. This necessitates efficient currency conversion and international payment processing, opening further avenues for payment service providers. The importance of mobile payments is underscored as mobile commerce transactions accelerate. Continuous improvements in online payment systems, emphasizing fraud protection and security features, build customer confidence and trust, significantly supporting market expansion.

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Market Segmentation

Mode of Payment:

●     Point of Sale:

●     Card Payments

●     Digital Wallet

●     Cash

●     Others

●     Online Sale:

●     Card Payments

●     Digital Wallet

●     Others

The point of sale mode encompasses traditional and digital payment methods including card payments, digital wallets, cash transactions, and other less common methods used in physical retail environments. Online sale mode covers card payments, digital wallets, and additional methods utilized in electronic commerce.

End Use Industry:

●     Retail

●     Entertainment

●     Healthcare

●     Hospitality

●     Others

This segmentation reflects the various industry verticals utilizing payment services, with each segment representing a key sector such as retail, entertainment, healthcare, hospitality, and additional industries categorized under others.

Region:

●     Ontario

●     Quebec

●     Alberta

●     British Columbia

●     Others

The regional segmentation includes major Canadian provinces, offering insights into geographic market dynamics and regional payment trends.

Regional Insights

Ontario is indicated as a leading region alongside Quebec, Alberta, British Columbia, and others. Specific statistics regarding market shares or CAGR by region are not provided in the source. Each region contributes to the comprehensive analytics of Canada’s payments market, accommodating diverse economic and consumer behaviors.

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Recent Developments & News

In September 2023, Bank of America launched its business-to-consumer (B2C) payments solution in Canada to bolster its digital offerings. Subsequently, in April 2024, Mastercard formed a strategic partnership with Canadian fintech VoPay to enable fast and secure money transfers for Canadians using Mastercard's platform.

Competitive Landscape

The market research report covers a comprehensive competitive landscape analysis including market structure, key player positioning, winning strategies, competitive dashboards, and company evaluation quadrants. Detailed profiles of all major companies have been provided.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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