Consumer Payment Methods - Canada - October 2019
Covered in this report
The evolution of the payments industry continues to be driven by changes in technology and customer behaviour. The emergence of payment systems that are designed to function seamlessly with smartphones and apps has prompted wide-ranging innovation from banks, digital giants and Fintech companies. The volume of digital payments is soaring and that growth brings opportunities for new players and an urgency to innovate for banks and credit unions.
Smartphones are now ubiquitous worldwide, and consumers use them for a multitude of daily transactions, from buying groceries to paying for public transport. And as digital user interfaces have improved for apps and websites, consumers are finding it easy to forgo cash when paying for a wide range of goods and services. The ecosystem now includes digital giants such as Apple and Google, Fintech companies like PayPal and trendsetting online merchants such as Amazon.
This report covers consumer attitudes and behaviours related to different methods of payments. It explores usage of payment types, online and mobile systems by purchase type, attitudes towards payments, motivations to switch preferred payment methods. It also looks at factors preventing usage of newer methods, concerns around security, cryptocurrencies and other general attitudes.
“The looming entry of digital currencies introduced by technology companies and Central Banks will change the payments landscape in ways that are difficult to foresee.”
– Sanjay Sharma, Senior Financial Services Analyst
This report examines the following issues:
- Credit cards are most favoured for typical purchases
- Around two in three consumers have used PayPal
- Around two in three find credit cards the best option for app purchases
- Over-65s like to have cash even if they don’t use it as often
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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