The number of cards with a payment function in Canada exhibited fluctuating trends from 2013 to 2023, with 105.97 million units recorded in 2023. Following a significant decline in 2020 by 16.8%, the market rebounded in 2021 with a 26.8% increase, before experiencing a minor decrease in 2022 and a slight improvement in 2023 by 0.22%. Over the five-year period ending in 2023, the CAGR stood at 0.29%, indicating a modest annual average growth.
Future projections suggest stability and gradual growth, with the number of cards rising to 107.5 million units by 2028, reflecting a five-year CAGR of 0.17%. This steady increase indicates a mature market with moderate expansion expectations.
Future trends to watch for:
- Advancements in digital payment technologies and their impact on physical card usage
- Potential regulatory changes influencing the credit and debit card market
- Consumer preference shifts towards alternative payment methods such as mobile wallets and cryptocurrencies
- Economic factors affecting consumer spending and borrowing behaviors