On December 10, 2018, Payments Canada published its annual payment methods and trends report, which provides an overview of the trends in payments, and demonstrates how Canadians are adopting new payment channels and digital payments and their readiness to apply payments innovation.
According to the report, businesses and consumers in Canada are choosing faster and more convenient methods of payment such as contactless payment cards, transfering funds through INTERAC e-Transfers, adopting digital payments and leveraging credit cards. In 2017, the payments market underwent a significant transition and increased in value and volume, with almost 22bn transactions being made worth more than C$9.7trn.
The key trends in 2017 were:
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