The number of payments by cards with a debit function in Canada showed a general upward trend from 2013 to 2023, increasing from 4.52 billion units in 2013 to 6.77 billion units in 2023, with a notable dip in 2020 likely due to the pandemic. The year-on-year variation has fluctuated, with sharp increases, especially in 2021 with a 29.64% rise. The compound annual growth rate (CAGR) over the last five years (2018-2023) was 2.29%.
Looking forward, the forecasted data from 2024 to 2028 suggests a steady growth with a five-year CAGR of 1.71%, projecting the number of payments to rise to 7.57 billion units by 2028. Future trends to watch include the impact of digital payment adoption, shifts in consumer behavior towards cashless transactions, and technological advancements in debit card functionality.
