Executive Summary

Canada consumers lag Western leaders in adopting digital payments, but mainstream contactless usage has set the table for mobile payments to grow—and certain demographic groups are leading the charge. Marketers can reach these groups by pinpointing demographic payment habits and digital preferences.

Scroll on to learn:

• The size of Canada’s consumer payments opportunity
• The major established and emerging brands fighting for share
• Key payment methods—from credit cards to cryptocurrency—and their growth trajectory
• Demographic trends that are driving business upheaval

Key Question: How are payment method preferences among different demographic groups influencing the shift to digital payments in Canada?

KEY STAT: Canada’s food and retail transaction volume will grow 4.0% in 2023, per our forecast, with credit cards holding on to a majority share. But a slight decrease from the year prior could be linked to a slip in their digital dominance.