Key Market Indicators
The number of credit cards in Canada is projected to reach approximately 78.6 million units by 2028, up from around 78.2 million units in 2023. This marks a stagnant compound annual growth rate (CAGR) of 0%. Since 2017, the supply of credit cards in Canada has seen a slight decline of 0.1% year on year. In the global ranking for 2023, Canada held the sixth position, with South Korea surpassing it with the same number of units, 78.2 million. Leading the pack were China, Japan, and Brazil, occupying the second, third, and fourth spots, respectively. On the transaction front, Canadian credit card transactions are anticipated to hit $469.4 billion by 2028, up from $440.3 billion in 2023, reflecting a modest CAGR of 1%. Since 2017, the demand for credit card transactions in Canada has grown by 0.8% annually. In 2023, Canada ranked fourth in this category, with Japan moving ahead at $440.3 billion. South Korea, Japan, and Canada held the second, third, and fourth positions, respectively, in this ranking.
