The value of payments by cards with a credit function in Canada has experienced fluctuations over the past decade. In 2023, it stood at USD 440.26 billion. Noteworthy year-on-year variations include a notable drop in 2015 (-11.07%) and a significant rise in 2017 (21.2%). The sector saw a steep decline in 2020 (-15.87%) owing to the pandemic but rebounded in 2021 (28.17%), before a minor correction in 2022 (-3.55%). For the five years ending in 2023, the CAGR stood at 0.81%. Forecasts up to 2028 suggest a modest yet steady growth with a projected 5-year CAGR of 0.96%.
Future trends to watch include the impact of increased digital payments, shifts in consumer behavior post-pandemic, and regulatory changes. Monitoring the adoption of new payment technologies and the financial health of consumers will be crucial for anticipating further changes in this area.
