Payments Canada Trend Report Image

December 8, 2022

Rebound and Regrow: Canadian Payment Methods and Trends Report 2022 - Released by Payments Canada

Payments Canada has released the Payments Methods and Trends Report 2022 which contains some excellent insight into the acceleration of digital payments in Canada.  The report reveals that Canadians are becoming more comfortable with digital payment innovations and that this behavior is here to stay.  
 
Key Study Insights:  

  •     The pandemic has shifted long term payment behaviour: Forty-three per cent of Canadians agree that the COVID-19 pandemic has changed their payment preferences to digital and contactless for the long-term.  
  •     Mobile payment usage is increasing; while still low in overall total of contactless transaction value, in-store mobile contactless transaction value grew by 31 per cent from last year  
  •     Buy Now Pay Later is expected to challenge credit cards; BNPL is estimated to grow 55 per cent annually in Canada, with its value increasing from $3.2 billion CAD in 2020 to upwards of $22.6 billion CAD by 2028 
  •     Increased ECommerce usage will continue to drive payment trends in future; 50% of Canadians use e-commerce platforms more often than pre-pandemic  
  •     Younger generations are supportive of the idea of a Digital ID; 49% of Young Canadians (18 – 34 age group) find the idea of Digital ID appealing.  

For more information you can find the report here: