The study includes market size and forecast for the period 2012 to 2020 (in terms of number of cards, value and volume of transactions processed through these cards), key industry trends, major schemes, banks and card market by customer segments. The report also includes competitive landscape (card issuers in the country) for both debit cards and credit cards.

Explore Report with Detailed TOC at: https://www.psmarketresearch.com/market-analysis/canada-cards-and-payments-market

In terms of number of cards in circulation, the Canadian payment cards market grew at a CAGR of 6.1% during the period 2012-2014 and it is expected to further grow at a CAGR of 2.9% over the period 2015-2020. The growth of cards in circulation during the period 2012-2014 can be attributed to expansion of ATMs and POS terminals, growing disposable income and greater acceptance of payment cards in the country.

The GDP per capita of Canada increased from CAD 52,775.2 in 2012 to CAD 55,641.5 in 2014. The GDP per capita is likely to increase further and reach CAD 65,509.6 in 2020. This increase is expected to result in increased cards usage over the forecast period. Consumer preference for cashless payments allows growth of card payments in the counrty. Banks have implemented different pricing and marketing strategies to encourage consumers to increase card payments rather than paying in cash. Common strategies used by banks and card issuers are product discounts and reward points.

Request for Report Sample: https://www.psmarketresearch.com/market-analysis/canada-cards-and-payments-market/report-sample

In Canada, the credit card segment dominates the payment cards market in terms of number of cards in circulation. Credit cards accounted for 76.3% of the total number of payment cards in circulation in 2014. Credit cards are being used by consumers to shop at retail outlets and make online payments. The credit card market is expected to grow over the forecast period at a CAGR of 1.6%, to reach 126.1 million cards in circulation by 2020. MasterCard was the leading scheme in the credit card market in 2014. Credit cards are primarily used by consumers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. The frequency of credit card use witnessed a CAGR of 1% during 2012-2014. The frequency of transaction for credit card is expected to reach up to 40.3 times by 2020. There was intense competition among credit card issuers to encourage card usage and spend. Credit card issuing banks implement various marketing strategies and offered numerous campaigns to attract consumers. Key players in the Canadian credit cards market include Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce and Bank of Montreal.

In debit card segment, RBC was the leading card issuer in terms of the number of cards in circulation, in 2014. The transaction volume of debit card at POS terminals accounted for 95.7% of the aggregate debit card transactions in 2014. Debit card frequency of use increased from 194 in 2012 to 202 in 2014, at a CAGR of 2.1% and is anticipated to grow at a CAGR of 1.4% during the forecast period of 2015-2020. Some of the key players in the debit cards market include Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce and Bank of Montreal.

Browse Related Research at: https://www.psmarketresearch.com/industry-report/financial-services

Charge card segment represents a small portion of the Canadian pay later card market. Average charge card transaction value declined from CAD 121.4 in 2012 to CAD 117.7 in 2014, at a CAGR of -1.5%. The average charge card transaction value is anticipated to decline at a CAGR of -1% during the forecast period of 2015-2020.

About P&S Market Research

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

Contact:

Abhishek

Executive – Client Partner

347, 5th Ave. #1402

New York City, NY – 10016

Toll-free: +1-888-778-7886 (USA/Canada)

Email: enquiry@psmarketresearch.com

Web: https://www.psmarketresearch.com

Media Contact
Company Name: P&S Market Research
Contact Person: Abhishek, Executive – Client Partner
Email: enquiry@psmarketresearch.com
Phone: +1-888-778-7886 (USA/Canada Toll-Free)
Address:347, 5th Ave. #1402
City: New York City
State: NY
Country: United States
Website: https://www.psmarketresearch.com