The number of branches or offices of payment services providers to non-banks in Canada is forecasted to decline over the next five years. In 2024, this figure stands at approximately 8,470, expected to decrease each year, reaching about 8,050 by 2028. This reflects a steady decline in the availability of physical branches with a consistent downward trend observed from 2025 to 2028. Comparing the year-on-year variation, we see a gradual reduction at an average of roughly 1.1% annually, signifying an ongoing shift away from traditional branch-oriented services.
As digital banking and technological innovations continue to rise, future trends to watch include the impact of these elements on traditional banking infrastructure. Customer preference for convenience and speed may increasingly drive the adoption of digital solutions, potentially leading to further branch closures or transformation into multifunctional service hubs. Monitoring shifts in regulatory and competitive landscapes will also be vital, as these could influence the pace of transformation within the sector.
