The Cards and Payments Industry in Canada: Emerging Trends and Opportunities to 2021
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GlobalData’s 'The Cards and Payments Industry in Canada: Emerging Trends and Opportunities to 2021' report provides detailed analysis of market trends in the Canadian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, check payments, payment cards and cash transactions during the review period (2012–2016).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2017–2021). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
GlobalData’s 'The Cards and Payments Industry in Canada: Emerging Trends and Opportunities to 2021' report provides top-level market analysis, information and insights into the Canadian cards and payments industry, including:
– Current and forecast values for each market in the Canadian cards and payments industry, including debit, credit and charge cards.
– Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. It also, includes an overview of the country's key alternative payment instruments.
– E-commerce market analysis and payment methods.
– Analysis of various market drivers and regulations governing the Canadian cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
– Comprehensive analysis of consumer attitudes and buying preferences for cards.
– The competitive landscape in the Canadian cards and payments industry.
Scope
– This report provides a comprehensive analysis of the Canadian cards and payments industry.
– It provides current values for the Canadian cards and payments industry for 2016, and forecast figures to 2021.
– It details the different demographic, economic, infrastructural and business drivers affecting the Canadian cards and payments industry.
– It outlines the current regulatory framework in the industry.
– It details marketing strategies used by various banks and other institutions.
Key Highlights
– To benefit from a growing preference for alternative payments, banks and payment solution providers are launching new solutions. Apple launched its mobile payment (m-payment) solution in November 2015. The service was expanded in partnership with some of the country’s largest financial institutions in May 2016. Following this, Samsung Electronics launched Samsung Pay in partnership with Canadian Imperial Bank of Commerce (CIBC) in November 2016, while American Express introduced Amex Pay in December.
– Contactless payments are gaining ground in Canada, due to retailers’ extensive deployment of contactless POS terminals and consumer enthusiasm for the convenience of contactless. According to the Canadian Payment Methods and Trends: 2016 report by Payments Canada, both contactless volumes and values increased by 70% in 2015. The volume of contactless payments increased from 125 million in 2011 to 1.2 billion in 2015. Similarly, contactless transaction values increased from US$6.1 billion (CAD6 billion) to US$26.3 billion (CAD33.7 billion) over the same period. Contactless cards received a push from all major banks – including Royal Bank of Canada (RBC), Bank of Montreal (BMO), CIBC, Scotiabank and TD Canada Trust – offering contactless debit and credit cards.
– The number of consumers using mobile devices to conduct their banking transactions is steadily increasing. According to the Canadian Bankers Association, over 200 million banking transactions were conducted using mobile devices in 2015. To benefit from the growing preference for mobile banking, Toronto-based Equitable Bank launched a digital-only bank called EQ Bank in January 2016 and in July BMO introduced a new service which allows customers to open an account in minutes via a smartphone. The service does not require the user to visit a branch or download an app but instead runs an intuitive, conversational interface. Scotiabank introduced similar service in the same month, enabling customers to open a checking or savings account in less than five minutes. The service was extended to small business owners in October 2016, enabling them to open a savings account.
Reasons to Buy
– Make strategic business decisions, using top-level historic and forecast market data, related to the Canadian cards and payments industry and each market within it.
– Understand the key market trends and growth opportunities in the Canadian cards and payments industry.
– Assess the competitive dynamics in the Canadian cards and payments industry.
– Gain insights into marketing strategies used for various card types in Canada.
– Gain insights into key regulations governing the Canadian cards and payments industry.
TD Canada Trust
Scotiabank
Bank of Montreal
Canadian Imperial Bank of Commerce
Amex Bank of Canada
American Express
Visa
Mastercard
Interac
Moneris Solutions
Chase Paymentech Solutions
Global Payments
TD Merchant Services
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Frequently asked questions
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