The world of payments continues to witness rapid innovations that are both a challenge and an opportunity for financial institutions. The adoption of mobile payments, provided by both financial and non-financial institutions, is the single biggest change in the payments world since the advent of online banking. Digital payments continue to garner a great deal of attention within the financial services industry, as innovation and technological advancements continue to push them forward. Consumer payment behaviours, however, are fairly engrained within older consumers. Financial services providers have an opportunity to highlight the security and efficiency of new payment processes, especially with younger and emerging generations who have yet to fully establish how they prefer to pay.
Most Canadians own credit and debit cards and the market place is extremely competitive. It is dominated by the major banks but smaller card companies and credit unions offer multiple options to consumers. This Report covers consumer attitudes and behaviour related to debit and credit cards while touching on different payment methods. It explores the competitive landscape of the major card issuers, payment methods, usage, rewards and attitudes related to debit/credit cards.
