Web Analytics

Verisk Financial Research Logo
A Verisk Business
Sign In
 
 /  Buy Reports  /  Country Reports  /  North America  /  Canada

Canada Country Report

  • Published Date: May 2018

A comprehensive overview of the cards, payments and consumer banking market in Canada.

Available for 72 markets, Verisk Financial Lafferty Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

Canada Cards Market Key Facts

  • Canada's retail banking and payments landscape is dominated by the big five domestic banks: RBC, TD Bank, Scotiabank, CIBC and BMO.
  • Canadian consumers are frequent users of payment cards by international standards. In 2017, the average adult made 369 card payments, just over one per day.
  • Non-cash payments account for over 60 percent of consumer payments and close to 90 percent of the value of payments.
  • Canada is among the global leaders in both ATM and POS penetration relative to the country's population.
  • The country's credit cards market is highly competitive. Issuers are offering increasingly lucrative cashback and rewards to attract
  • cardholders.
  • This has incentivised consumers to choose credit over debit. Credit card spend has grown by an average of eight percent in the last four years, compared to three percent growth for debit cards.
  • Interac, which is a bank-owned, not-for-profit company, holds a virtual monopoly position in the debit cards market.
  • Visa and Mastercard agreed to cap the average credit card interchange fees at 1.5 percent of the transaction value for five years, effective from April 2015.
  • In early 2018, American Express announced that it had partnered with Chase Merchant Services to offer reduced fees to members of the Canadian Federation of Independent Business.
  • Moneris Solutions, jointly owned by RBC and BMO, is the leading acquirer. Domestic banks and large US processors compete for the remainder of the market.

EACH REPORT INCLUDES


Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMS and POS terminals
  • Profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume

FIND OUT MORE

Available for 72 markets, Verisk Financial Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

North America Country Reports or explore the full range of Verisk Financial Research Country Reports.

To find out more about Verisk Financial Research's capabilities or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.