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Canada cards and payments market research report: Ken Research

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The report titled “Payments in Canada 2017: What Consumers Want”, provides a comprehensive analysis of payments market overview, cashless transaction options, mobile payments and person-to-person (P2P) services, in-app channels, debit and credit cards use, trust in online banking, social messenger services- payment options, technological advancements in payments market, leading players in Canada’s payment market, and the future of payments market in the country. For more info visit – PowerPoint PPT presentation

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Title: Canada cards and payments market research report: Ken Research


1
Credit cards Dominate the point-of-sale
Transactions in Canada While Mobile Payments
Picking up Pace in Canada Payments Market Ken
Research
2
The report titled Payments in Canada 2017 What
Consumers Want, provides a comprehensive
analysis of payments market overview, cashless
transaction options, mobile payments and
person-to-person (P2P) services, in-app channels,
debit and credit cards use, trust in online
banking, social messenger services- payment
options, technological advancements in payments
market, leading players in Canadas payment
market, and the future of payments market in the
country. Payments Market Overview With the
introduction of new ways to make payment using
credit and debit cards, cash is still a leading
the way to make payments in Canada. However, all
the newer payment methods are witnessing a
drastic growth such as mobile payments and
person-to-person (P2P) services. Recent studies
show that the credit cards dominate the payments
landscape and social media payments are
increasing rapidly. Credit cards dominate the
point-of-sale transactions in Canada, and almost
all consumers are motivated by convenience and
rewards with their chosen method of payment. It
was observed that credit card spending has
increased along with increase in online payments.
Canadians used credit cards more often to earn
rewards and are the second largest user of credit
cards worldwide.
3
Majority of the credit cards issued in Canada
provided some kind of rewards incentives. The
frequent use of credit cards in the country is
partly due to the growth of in-app channels, such
as the friction-free experience with companies
such as Uber and iTunes. Therefore, 90 of
transactions are completed through credit
cards. Technological Advancements In the total
number of transactions category, cash remains the
most common payment method but the use of cash
has declined at a slower rate compared to the
recent years. Year-over-year growth was observed
in the prepaid transactions. Canadian consumers
trust on online banking is increasing witnessing
more number of online transfers topping all
payment methods. Interac is a non-profit
organization and has control in the Canadian
debit card market. It was established in the year
1984 by five leading banks in Canada such as RBC,
CIBC, Scotiabank, TD Bank, and Desjardins.
Interac e-Transfers accounts for a huge growth in
the volume of payment transactions. The use of
online transfers for businesses has also
increased representing more transactions compared
to the previous years. The increased
collaboration between new-entrant fintechs and
Canadian financial institutions will witness a
new level of convenience for banking and payments
using social media.
4
The social messenger services operated by the
Facebook, Google and Apple messenger services are
also a part of online payment transfers that are
completed through such social media. Advanced
technology has led the Competition Bureau Canada
(CBC) to collaborate between financial regulators
and fintech industry leaders. With the
technological advancements, making payments has
become easy and convenience but consumers are
also suspicious of security breaches. The debit
and credit cards in Canada are already quite
saturated and prepaid cards will witness a
fastest growth in the near future. The prepaid
cards category is growing rapidly with a smaller
base when compared to credit and debit cards. All
the prepaid cards are typically used in lieu of a
credit card, which involves a revolving line of
credit whereas prepaid cards do not access
credit. The leading players in the payments
market in Canada are Royal Bank of Canada, TD
Canada Trust, Canadian Imperial Bank of Commerce,
Bank of Montreal, Desjardins, Visa, Mastercard
and American Express.  Way Forward in Payments
Market in Canada Canadian consumers are
enthusiastic users of payment cards. Canada
possesses a highly developed competitive payment
card market with prepaid cards and debit cards.
Credit cards are used for spending and debit
cards are frequently used at the POS.
5
Therefore, this reflects consumers continuing
migration from usage of cash to payment cards and
contactless debit cards. Latest technology,
mobile wallets is an attraction in Canada with
the launch of popular international payment
solutions such as Apple Pay, Samsung Pay, and
Android Pay. The widespread use of contactless
payments with well-established infrastructure is
anticipated to drive electronic payments in
Canada over the coming years. Key Topics Covered
in the Report Canadian Debit Card Market
Report Canadian Credit Card Market
Report Canadian Pre-Paid Cards Market
Report Canadian Debit Card Market
Analysis Canadian Credit Card Market
Analysis Canadian Pre-Paid Cards Market
Analysis Technological Advancements In Canadian
Payments Market Leading Players In Canadian
Payments Market Canada bill Payment Market
Research
6
Canada Cards and payments industry
trends Consumer payment industry Canada Canada
Credit Card industry analysis Canada plastic
money market Canada Credit cards market
research Canada cards and payments market
research report M-commerce Market
Canada Ecommerce payment industry Canada Canada
payment industry Wallet payment market
Canada Plastic Card Money Canada P2P payments
Canada Online Payment channels Canada Debit cards
market Canada Credit card demand in Canada Credit
card demand future Outlook Canada Canada Money
Remittance Industry Alternative payment methods
in Canada
7
To know more, click on the link
below https//www.kenresearch.com/banking-financ
ial-services-and-insurance/financial-services/paym
ents-in-canada-2017-what-consumers-want/142701-93.
html Follow for Related Links Payments
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Opportunities and Risks to 2021     Contact
Us Ken ResearchAnkur Gupta, Head
Marketingsales_at_kenresearch.com91-124-4230204
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