Analysis of the Canadian credit card market in the context of the $9 trillion Canadian payments market

DUBLIN, May 16, 2022 /PRNewswire/ — The “Canadian Credit Card Market Outlook” report has been added to from offer.

The characteristics of the Canadian payments industry are not only determined by competition between credit and debit card issuers, financial institutions and retailers, and consumer demographics.

Payment trends also reflect consumer demands for transformative digital shopping experiences and real-time payments, as well as shifting pressures on card rewards programs as consumers reduce their shopping and travel behaviors. in store due to COVID-19.

Two years into the pandemic, total consumer spending in Canada is back to 2019 levels and the overall economy is on the path to a full recovery, but the payments landscape remains altered when it comes to where consumers spend their money, the channels used to spend the money, and how consumers choose and interact with their payment products.

Canadian payment products and their rewards/loyalty program trends also follow federal government efforts to both lower interchange fees to benefit merchants and maintain current rewards levels to appease consumers. The government’s drive to shift industry revenue in one direction contravenes the historical pattern of card issuers collecting less in exchanges and thus reducing the value of rewards programs accordingly.

This brand new report reviews and analyzes the Canadian credit card market in the context of 9 trillion dollars Canadian payments market, covering transaction volumes and values ​​for all product types and usage channels.

It also examines emerging credit products, payment strategies and buy-it-now-pay-later (BNPL) offerings from the big five banks, as well as those from fintech companies and card networks. The report also provides an analysis of partnerships between major Canadian banks and their credit card co-branding partners, including retailers and airlines.

Main topics covered:

Chapter 1: Executive Summary

  • Retail Category Templates
  • The Canadian banking sector is highly concentrated
  • The pandemic has devastated the industries at the heart of credit cards: airlines and hotels
  • Paying off credit card debt is a sharp reversal from historical trends
  • Payment transactions
  • Debit Cards and Interac e-Transfers
  • Digital payments
  • Contactless payments
  • Use of credit cards by Canadian consumers

Chapter 2: Overview of Canadian Payments

  • Canadian payments growth forecast to 2025
  • Canadian payment ecosystem
  • In the aftermath of the pandemic, consumer financial behaviors are changing
  • Canadian banking services
  • The big five
  • Caisse populaire and Mouvement Desjardins
  • The pandemic and consumer spending
  • Retail Category Templates
  • The pandemic has created waves of confinements
  • The pandemic has devastated the industries at the heart of credit cards: airlines and hotels
  • The airline industry continues to recover
  • The hospitality industry hit hard by the pandemic
  • Payments during the pandemic
  • Cardholders with the highest interest rates paid first
  • Paying off credit card debt is a sharp reversal from historical trends
  • Natural disasters and the pandemic have affected huge swaths of from Canada Citizens
  • Canadians and payment products
  • Payment transactions
  • Electronic Funds Transfer (EFT)
  • Online transfers
  • Interac e-transfers dominate the Canadian P2P market
  • The pandemic has pushed retail sales towards e-commerce
  • Debit cards
  • Prepaid cards
  • Contactless payments

Chapter 3: Consumer Attitudes and Behavior

  • The pandemic has triggered changes in payment product preferences
  • Use of credit cards by Canadian consumers
  • Why Consumers Use Specific Credit Cards
  • Main card value and choice
  • Consumer satisfaction with primary credit card
  • Canadians have a positive view of their own finances and the economy
  • Consumers Respond Positively to Issuer Communications During the Pandemic
  • Financially vulnerable cardholders are the least satisfied with their issuers
  • Reward redemptions were down, but reward satisfaction was up
  • No annual fee cardholders are the most satisfied
  • Call centers remain the industry’s weakest point
  • Use of debit card
  • What Consumers Like About Debit Cards
  • Retail Rewards encourages the use of prepaid cards
  • Online shopping
  • Prepaid cards

Chapter 4: Canadian Credit Card Issuers

  • canadian tire
  • Triangle Rewards Program
  • CIBC
  • Costco partnership increases CIBC’s credit card portfolio by 30%
  • Capital One exits the Canadian co-branded retailer market
  • The New CIBC
  • Costco Mastercard
  • CIBC wins for Costco Rewards
  • Royal Bank of Canada
  • Insight
  • RBC’s summer promotional campaign increases card value and usefulness of points
  • Petro Canada Promotion
  • Scotiabank
  • TD Bank
  • Air Canada Partnership

Chapter 5: Retail Credit Cards

  • Costco
    • Marketing Strategy
    • The New CIBC Costco Mastercard
    • Features of the new CIBC Costco Mastercard
  • Hudson’s Bay Company
    • New HBC Mastercard Partner, Neo Financial
    • Neo Financial: eager to partner with HBC
    • Some HBC customers are skeptical about the card change
    • Why a Selfie?
  • Air Canada
    • Airline loyalty programs
    • From humble beginnings to millions of members
    • Co-branding and Air Canada
    • New card partnership with Chase
  • Amazon Canada
  • Exchange
  • Push to lower interchange fees for small businesses
  • Online and in-app card payments incur twice the interchange fees of in-store
  • E-commerce costs Canadian businesses more than in-store transactions
  • Major retailers and card issuers
  • Walmart vs. Visa — Battle of the Titans
    • First Walmart, then Amazon
    • Amazon introduced visa surcharges and threats to relationship with Visa
    • Canada is poised to be the next arena in the Amazon-Visa fight
    • Announcing the Amazon-Visa Truce

Chapter 6: from Canada Buy now, pay later

  • Major Canadian financial institutions are important players in BNPL
  • Alternative to debit and credit cards
  • Focus on BYPL providers
  • Affirm: The Paybright Acquisition and Beyond
  • American Express Pay It Plan It
  • The Rhythm of CIBC
  • MasterCard
  • MBNA Payment Plans
  • Scotia Select Payment
  • RBC Payment Plan
  • Sezzle: more than 3,000 Canadian merchants
  • Visa deposit
  • Walmart Canada

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