Market Trends of Canada Credit Cards Industry
Offers and Discounts are Steadily Increasing the Usage of Credit Cards
In Canada, consumers pay for transactions using several payment methods, including cash, debit, and credit cards. Since a payment method can be used if accepted at the point of sale, the merchant has an important role in the fast growth of cash and other payment methods. Credit cards have remained Canada's most used payment method. Canada has a relatively high credit card usage penetration in the market. Credit cards have various offers, discounts, and EMI options, making them a better choice for consumers to pay for multiple products. The credit card companies have tie-ups and collaborations with various e-commerce websites and other payment portals. This boosts the growth of the credit card market in Canada.
Visa Holds the Majority Share in Payment System
Visa is a significant processing network, and businesses accept their cards in more than 200 countries and territories worldwide. Other payment processing companies owning networks include MasterCard, American Express, and Discover. Visa is a solid choice, as it ensures wide acceptance and access to various programs and products. The market distribution between Visa and the domestic scheme Interac in Canada remained relatively unchanged over the years. This balance is unique to Canada, as in most other countries, the market shares of card brands did change notably during the observed timeframe. Visa-branded cards offer a secure and reliable way to pay for all needs anywhere in the world. Also, with a Visa-branded card, one can access cash at over 2.5 million ATMs worldwide.
