The number of cards with a debit function in Canada stood at 28.37 million units in 2023. From 2024 to 2028, the number of debit cards is forecasted to show a consistent year-on-year growth. Specifically, the figures are expected to rise from 28.64 million units in 2024 to 29.72 million units by 2028. This reflects a gradual increase, indicating an average compound annual growth rate (CAGR) of approximately 0.9% over the five-year period.
Future trends to watch for:
- Adoption of digital payment methods, including mobile wallets, which could impact the demand for physical debit cards.
- Innovations in secure transaction technologies, potentially boosting consumer confidence and further accelerating the use of debit functions.
- Regulatory changes and financial policies that could either support or inhibit the growth of debit card usage.
- Shifts in consumer behavior towards cashless transactions driven by ongoing technological advancements and pandemic-related changes in spending habits.
