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Science & Technology

When will consumer payments in Canada recover – forecast

Sep 21, 2020

The report reveals the decline in Canadians’ personal expenditure due to the pandemic

Canada

When will consumer payments in Canada recover – forecast. Source: shutterstock.com

According to Canadian Payments Insights, the number of consumer payment transactions in Canada is expected to be 1.7 billion lower than in 2019.

It is likely to have a major and lasting impact on the revenues and profits of key players in the payments industry in Canada.

Meanwhile, the total number of consumer payment transactions is only expected to recover to 2019 levels by the end of 2022.

Credit card payments are set to suffer a more significant decline in the short term than debit cards. However, the impact is expected to be short-lived, with substantial growth returning from 2021 onwards.

We predict that some of the shifts in consumer behavior that we have noticed throughout the COVID-19 pandemic will be permanent and that a number of important opportunities will emerge in the digital payments space. Cash is unlikely to recover any ground in the coming years and will continue its decline, although at a slower pace than in 2020. Online shopping, which has surged throughout the pandemic, is likely to become even more important in the lives of Canadian consumers, and this also has an impact on the payment options available to consumers
Christie Christelis, President of Technology Strategies International

At the same time, contactless payments will remain the mechanism of choice for credit and debit cards and mobile payments.

Therefore, there will be pressure on payments companies to make the temporary transaction limit increases launched during the pandemic permanent.

We’ve reported that the value of in-vehicle payments will reach $86 billion in 2025, up from just $543 million in 2020.

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