The value of card payments in Canada is projected to experience moderate growth from 2023 to 2028. As of 2023, the value stands at 538.18 billion USD. The card payments market saw a contraction in 2020 but rebounded strongly in 2021 with a 27.48% year-on-year increase. Despite a slight decline in 2022, the value resumed growth in 2023 with a 0.73% year-on-year increase. The Compound Annual Growth Rate (CAGR) over the last five years is 0.77%, indicating overall stability with minor fluctuations.
Going forward, the CAGR for the forecasted period (2024-2028) is expected to be 0.57%, suggesting a steady but modest increase. Key trends to watch for include advancements in digital payment technologies, evolving consumer preferences towards contactless payments, and regulatory changes impacting the financial sector.
Key points:
- Value in 2023: 538.18 billion USD
- Year-on-year increase in 2023: 0.73%
- CAGR over the last 5 years: 0.77%
- Forecasted CAGR (2024-2028): 0.57%
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