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