Canada Payments Snapshot Market Report- Opportunity, Analysis, Growth, Trends & Forecast to 2023

ReportsnReports added Canada Payments Snapshot Market Research Report created by Report Consultant, which offers detailed insights, revenue details, and other information regarding the global market, and the various trends, drivers, restraints, opportunities, and market till 2028. Canada Payments Snapshot Market Report offers detailed information regarding the leading key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. Canada Payments Snapshot Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. The virus has spread to 187 countries/regions with nearly 2.5 million confirmed cases, with its spread outpacing other major infectious outbreaks from the past.

As part of its COVID-19 Economic Response Plan, on March 18 the Canadian government unveiled an economic stimulus package of C$82bn ($63.26bn). This included C$27bn ($20.83bn) in direct assistance to individuals and businesses affected by the outbreak and C$55bn ($42.43bn) in tax deferrals.

In an attempt to avoid contraction in the overall economy, on March 27 the Bank of Canada cut the overnight rate by 50 basis points to 0.25%. The overnight rate has been maintained at 0.25% since then.

This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in Canada. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.

Scope of this Report-
– Coronavirus has had a profound effect on Canada’s tourism industry – a C$102bn ($78.69bn) industry with nearly 1.8 million jobs dependent on economic activity generated by travel and tourism. According to the Tourism Ministry, Chinese tourists spend around C$2bn ($1.54bn) annually in Canada.
– While cash payments will decline, rises in contactless and online payments are expected in Canada. Usage of contactless cards will grow aided by the increase in the contactless payment limit. Meanwhile, online purchases are likely to see a surge, benefiting online payment solutions such as PayPal, Interac Online, and Visa Checkout.
– Retail customers and small businesses are more vulnerable to disruption caused by the outbreak. Banks could see a rise in the delinquency rate, resulting in higher non-performing assets.

Reasons to Buy this Report-
– Make strategic decisions using top-level revised forecast data on the Canadian payment industry.
– Understand the key market trends, challenges, and opportunities in the Canadian cards and payments industry.
– Receive a comprehensive insight into payments market in Canada.

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Table of Contents
COVID-19 Update
Impact Assessment
Total Payment Cards Market vs. Pre-COVID-19 Forecasts
Debit Cards Payment Market vs. Pre-COVID-19 Forecasts
Credit and Charge Cards Payment Market vs. Pre-COVID-19 Forecasts
Appendix
Supplementary Data
Definitions
Methodology

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