Canada Consumer Payment and Credit Card Market- Young Generation More Keen on Paying Maximum Fee for Better Rewards

Awareness of debit card rewards is not high but there are segments that prefer debit so banks can use an attractive rewards program as a first time relationship builder.

Posted: Monday, December 04, 2017 at 8:56 AM CST

Albany, NY -- (SBWire) -- 12/04/2017 --Market Research Hub (MRH) has included a new report in its repository titled "Consumer Payments and Credit Cards - Canada - November 2017." The report presents extensive in-depth insights and analysis that are reinforced by a range of data and vital statistics. The research report presents weighted analysis on the major restraints and drivers and the factors influencing market for Consumer Payments and Credit Cards. According to the report, awareness about debit card rewards is not so great but there are certain categories of customers who are likely to choose debit cards and hence banks can offer appealing reward package for building relationship with the customers. Furthermore, the report suggests that credit cards and cash are the most popular choice for payment in Canada. Moreover, the young age-group men are more willing to pay a maximum fee for credit card with better rewards and also the banks are looking forward to develop a win-win relationship with the consumers who spend high by using credit card.

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Consumer Payments and Credit Cards in Canada

In the report, it is stated that the population of Canada is aging and has included the statistics of Canadian population by age (for the year 2016). The report also asserts that Canada will become an increasingly diverse country and states that growth in the smartphone ownership is a boon for mobile banking. The report also states that the financial concerns can lead to cautious spending habits. As per the report, high participation in the loyalty programs can drive the credit card ownership. Also, as per this report, the awareness of mobile payment is high in Canada, however, the awareness about crypto currencies is lower.

This Report Emphasizes on the below mentioned areas:

- The most popular methods of payment are credit and cash

- TD is the most common choice for debit; TD and RBC are the dominant issuers of credit cards

- About one in four 18-24 year age group would choose to use debit exclusively

- Men over-55 more inclined to go beyond $2,000 in monthly credit card spending

- Young males more keen to pay a maximum fee for better credit card rewards

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Inclusion of the Report

The report starts with the overview and the executive summary. In the overview section, the report comprises products covered and market stance with a clear market definition. In the executive summary section, challenges are also included, that helps the reader to get an understanding about the scope of this research study. The report presents a weighted insight as well as analysis that is reinforced by a range of data and statistics that cover the complete market scenario providing a factual overview of the consumer payments and credit cards market in Canada. Thereby, introductory content is delivered to give a gist about the report. The report talks about the popular methods of the payment in Canada. The report also states the key driving factors that are responsible for the growth of the market. Moreover, the key players functioning in the consumer payment and credit card market are also mentioned in this report. The report also comprises of the innovation and development by the industry for this market. Additionally, the report also talks about the traditional mode of payment in Canada. The report concludes with the appendix that includes, data sources, consumer survey data, consumer qualitative research and abbreviations and terms.

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