Examining Canadian Payment Methods and Trends - Report
Earlier in 2012, the CPA invited Canada’s payment service providers, financial institutions, and payment researchers and consultants to participate in a payments data exchange, to obtain a comprehensive look at retail payments in Canada in 2011. To gauge the evolution of payments over recent years, the data was compared to data gathered from 2008, revealing several interesting trends.
Canada reaches $11.7 trillion in payment transactions in 2022 – up seven per cent in value from 2021
Credit card use grew 30 per cent while cash use declined 41 per cent over last five years, Payments Canada study reveals.
Key study highlights:
Canada experiences rebound in transaction volume and value in 2021
Overall, the total payment market in Canada rebounded and grew in 2021 due to progress made in the country’s economic recovery from the