The value of payments by cards with a debit function in Canada exhibited some fluctuation between 2013 and 2023, starting at $190.35 billion in 2013 and seeing a decrease to $167.57 billion by 2016, before experiencing a general upward trend to $191.91 billion in 2023. The steepest decline occurred in 2020 with a -16.82% year-on-year change. The average annual variation over the last five years has been modest, with a CAGR of -0.21%. The forecast suggests a steady, but slight increase in value with an expected CAGR of 0.16% over the next five years, reaching $194.54 billion by 2028.
Future trends to watch for include:
• Technological advancements in payment systems increasing debit card usage.
• Economic factors influencing consumer spending and debit card transaction volumes.
• Regulatory changes potentially impacting transaction fees and card usage patterns.
• The rise of digital wallets and their integration with debit cards, possibly affecting overall value growth.
