Canada Consumer Payment Habits

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. 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. Table of Contents: Executive Summary Canada lags the digital pace set by leading Western economies. Canada consumer demographics inform digital payment growth trends. Winners will be decided on the digital battlefield. Among traditional payment methods in Canada, credit cards are the most mature. But debit card payme