From 2013 to 2023, the number of credit card payments in Canada has seen significant fluctuation. Starting at 3.58 billion units in 2013, the volume rose steadily, peaking at 5.6 billion units in 2019 before facing a sharp decline to 4.82 billion units in 2020 amidst the pandemic. However, it recovered to 6.31 billion units in 2021, closing at 6.4 billion units in 2023, indicating a 3.12% year-on-year growth. Over the last five years ending in 2023, the compound annual growth rate (CAGR) was 2.86%.
Future trends highlight a continued moderate growth in credit card payments, with forecasts predicting the volume to reach 7.43 billion units by 2028. A forecasted 5-year CAGR of 2.29% suggests a steady, albeit slower, rate of increase compared to previous years.
To watch for:
- Potential innovations in digital payment methods and their impact on credit card usage.
- Economic factors and consumer confidence influencing spending habits.
- Regulatory changes in the fintech sector that might affect credit card transaction volumes.
