The number of card payments in Canada has witnessed a steady increase from 8.1 billion units in 2013 to 11.6 billion units in 2023. The year-on-year percentage variations indicate fluctuating growth rates, with peaks at 8.61% in 2014 and stabilization at around 2%-3% annually after 2018. The cumulative average growth rate (CAGR) has also shown a downward trend, from 5.21% in 2013 to 2.38% in 2023. Forecasts for 2024 to 2028 reinforce this trend, with a five-year CAGR of 1.51%, predicting the volume to reach 12.77 billion units by 2028.

Trends to watch for:

Growing adoption of contactless and mobile payments.
Integration of advanced security features to enhance transaction safety.
The potential rise of digital currencies and their impact on traditional card payments.
Regulatory changes that may impact the payments landscape.