A decade of data-driven insights: Inside Worldpay’s Global Payments Report

Following the release of Worldpay’s 2025 Global Payments Report, we spoke with Phil Hogg, President at Worldpay Canada, about key insights from the report, how the Canadian Payment Methods and Trends report supports its Canadian lens and what inspired Phil to serve on Payments Canada’s Stakeholder Advisory Council.

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Payments Canada was pleased to support the launch of Worldpay's tenth Global Payments Report (GPR) this year by participating in their recent Canadian consumer payment trends webinar. Can you share some of the key findings of the GPR? Are there any notable trends or behaviours coming out of the Canadian market?
Worldpay’s Global Payments Report is published annually and profiles payment developments in global regions such as North America, EMEA, APAC and LATAM. We also specifically focus on the top 40 countries in the world, including Canada. In doing so, we highlight the payment methods and market share in each country and then provide our view as to how the market share will change by 2030. Given its tenth anniversary, we titled this issue ‘The Past, Present, and Future of Payments’.

Highlights this year include:

• Digital payment growth: Digital payments grew from 34 per cent of global e-commerce value in 2014 to 66 per cent in 2024, and from three per cent to 38 per cent of point-of-sale (POS) spend. The main drivers of this growth have been the introduction and adoption of mobile phone wallets, as well as investment in payment platforms by the public and private sectors.
• Mobile payments: As the smartphone has become the command centre for consumer shopping, the mobile share of global e-commerce tripled from 19 per cent in 2014 to 57 per cent in 2024. The smartphone will remain center stage in payments for the foreseeable future; in fact, we forecast that by 2030, 64 per cent of e-commerce and 53 per cent of POS shopping value will be transacted via mobile devices.
• Fintech and big tech growth: Over the past decade, fintech and big tech have played a big role in driving innovation in payments. The expansion of players and consumer acceptance in the buy now, pay later (BNPL) market has exploded over the past 10 years by 15,000 per cent. Digital wallets have also seen explosive growth, increasing tenfold in value between 2014 and 2024.
• Payments in real-time: Of the 40 countries we profile in the GPR, 20 have launched real-time payment schemes in the past decade. In some cases, such as with Brazil’s Pix system, central governments have encouraged real-time payments to reduce cash payments and ensure financial inclusion.
• Cards are as relevant as ever: Card use is still strong as ever despite fierce competitive pressure and regulatory scrutiny. When used directly, like at the POS or typing the information into a website, cards still account for 45 per cent of global transactions across all channels. We must remember that 56 per cent of digital wallets globally are funded by cards. In card-dominated countries such as Canada and the United States, that figure is closer to 70 per cent.
• Resistance to the cashless society: It’s no surprise that the cash share of spend has fallen by nearly two-thirds in the last 10 years, from 44 per cent of POS spend in 2014 to 15 per cent in 2024. While cash spending stabilized post-pandemic, it continues to fall in many countries, albeit at a slower rate.

From a Canadian perspective, credit cards remain by far the most popular payment method among Canadian consumers. In 2024, credit cards commanded 46 per cent of e-commerce and 50 per cent of POS spend. Canadian consumers are increasingly adopting digital wallets for card payments, with an anticipated compound annual growth rate (CAGR) of 17 per cent for both POS and e-commerce transactions from 2024 to 2030. Cash is losing market share to other payment methods, and its share of the total POS transaction value is projected to drop from 10 per cent in 2024 to eight per cent in 2030.

Can you tell us a bit about your role and experience as a Stakeholder Advisory Council (SAC) member? What made you want to join the council?
My three-year appointment to SAC was effective on April 1, 2024. Given my role at Worldpay Canada, I represent the payment systems users. My other colleagues on SAC represent consumer agencies, the retail sector, federal and/or provincial governments and treasury/cash management. It’s important that we’re all at the table to understand where Payments Canada’s roadmap is going, as its progression will have a direct impact on all of us. Even more important is being able to make our voices known by sharing our unique perspectives and experiences that financial institutions might not have. I have thoroughly enjoyed working on SAC under the leadership of its Chair, Daniela Aubry.

I wanted to join the SAC to contribute my knowledge of Payments Canada and the payments landscape in Canada. I started my career with the Canadian Bankers Association (CBA), where I was the Director of Payments Strategy for a decade. During this time, I worked very closely with Payments Canada, collaborating on projects such as the Large Value Transfer System and the Corporate Creditor Identifier Numbering system. Serving on the SAC is my way of giving back to the payment industry, drawing on my extensive experience within it.

Payments Canada’s annual Canadian Payment Methods and Trends (CPMT) report helps support Worldpay’s GPR by providing a Canadian perspective on how consumers make payments. Why is the research compiled in these reports so important to the broader payment industry?
At Worldpay Canada, we believe that the CPMT is the most authoritative source of Canadian payment data and research in Canada. Each year, when Worldpay is putting together its Global Payments Report, we analyze key payments developments in each country. Various third-party payment data sources are key to this analysis, and the CPMT report consistently offers the most comprehensive insights on payment data and the associated trends our audience finds so important.

Accuracy and data integrity are so important when establishing reports such as the GPR and the CPMT. This research is relied upon by the entire ecosystem, including merchants, industry analysts, consultants, academics, governments, payment regulators and NGOs. These groups use our data to establish informed strategies, optimize payment offerings and support the development of critical policies. Knowing the impact it has on the future of our ecosystem, we must ensure that our research can stand up to scrutiny.

To learn more about payment trends in Canada, read the 2025 Canadian Payment Methods and Trends report, available now.