Forecast: Value of Payment Transactions in Canada

The value of payment transactions in Canada exhibited a decreasing trend from 2013 to 2016, dropping from $6.18 trillion to $4.94 trillion. There was a slight uptick in 2017 to $5.12 trillion, but this was followed by a relatively stable yet minor decline, reaching $4.94 trillion in 2023. Notably, the year-on-year variation in 2023 was -0.58%, with a five-year CAGR of -0.59% from 2018 to 2023. Looking forward, forecasts indicate a gradual decline to $4.8 trillion by 2028, with a forecasted five-year CAGR of -0.5%.

Future trends to watch for include:

• The impact of digital payment innovations and regulatory changes.

• Economic conditions influencing consumer and business spending.

• The potential for recovery or further decline post-pandemic.