With a shift in consumer’s preference of cashless transactions, growth in customer spending and an increased acceptance of cards by retailers, the Canadian card payment industry has positive growth potential.
Boston, MA -- (SBWIRE) -- 02/27/2014 -- The cards and payments industry has steadily recorded growth during the review period of 2008-2012 with the volume of cards in circulation to reach 190.8 million cards in 2017, representing a CAGR of 4.66% over the forecast period of 2013-2017. This payment channel is repeatedly increasing in value and volume, notably being driven by debit card transactions and charge cards as well as a demand for credit and prepaid cards.
There is a noticeable shift in consumer trends and the use of modern technology that has provided opportunity for growth in the Canadian cards and payments industry. Consumers are slowly moving away from cash and adopting other modes of payment such as cards and electronic fund transfers. It has been seen that banks and other card issuers have been attempting to capitalize on this by offering consumers marketing schemes such as discounts, reward points or insurance benefits.
Also introduced and being promoted heavily is the use of contactless payment technology which has been designed to increase the speed and convenience of payments for consumers as well as to control fraudulent activity. Rather than having to insert a card and enter a PIN cardholders now simply show their card with Interac Flash technology to a reader to make a payment from a bank account. Visa payWave and MasterCard’s PayPass technology is now also allowing this contactless payment method to be used via cell phones with near-field communication (NFC) technology, where the consumer’s cell phone interacts with a banking gateway server through a contactless reader.
Another key factor in the use of card use that should be noted is how banks and retail outlets have increased their infrastructure networks during the review period. The number of automatic teller machines (ATMs) accessible across Canada has increased from 57,900 in 2008 to 60,346 in 2012. This fact coupled with an increasing acceptance of debit and credit cards at retail outlets has resulted in rising numbers of point of sales transactions means the use of cards as a preferred payment method is expected to rise over the forecast period.
The Canada’s Cards and Payments Industry report is beneficial for cards and payments companies, suppliers to cards and payments companies, contractor research organizations, trade body, academia or other industry observers, companies involved at any stage in the manufacturing, procurement and marketing process, marketing and advertising agencies.
It will facilitate the increasing of your knowledge of the cards and payments industry in Canada, your understanding of the key drivers within this industry, a clear understanding of market opportunities and entry strategies to gain or grow your market share in the cards and payments industry in Canada, and a great understanding of the competitive landscape of the cards and payment industry in Canada.
In the report you can find the following information:
- In-depth analysis of the industry environment, key trends and drivers, including payment infrastructure, emerging technologies, business drivers and economic drivers.
- Analysis on the card payments channel and growth prospects as well as the emerging consumer attitudes and trends within the cards and payment industry in Canada.
- A segmented analysis of debit, credit, charge, and prepaid card payments as well as the growth prospects of each of these channels.
- An assortment of company profiles from some of the main players within the cards and payments industry in Canada.
You can find more information about this report including key insights, market drivers, a full abstract, companies included, and a detailed table of contents at http://www.fastmr.com/.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our research portal at FastMR.com or call us at 1.800.844.8156 (Int'l 1.413.485.7001).