December 23, 2015
The Canadian Payments Association (CPA) gathered 2014’s retail payments data from payment service providers, consultants and researchers from the Bank of Canada to provide an overview of the most common consumer and business payments in 2014 and gain insights on emerging payments.
The year 2014’s data and analysis demonstrate that the payments market has continued its steady transition to electronic payments with incumbent payment providers and bank-led networks leading the space. However, the data also shows a payment system in transition. While traditional forms of payments still form the majority of Canadian payments, there is fast growth in the number of transactions using newer channels to access funds from deposit and credit card accounts, including e-wallets, contactless technology and e-commerce platforms.
The study demonstrated that the most common consumer and businesses transactions totaled 20.7 billion transactions, worth $8.6 trillion.
Cash accounted for nearly a third of all payments volume. However, prepaid, debit and credit cards combined surpass ...