Canada’s economic strength, underscored by its abundant energy, mineral, and agricultural resources, positions it as the world’s 5th-largest oil and gas producer, further enriching its dynamic and resilient economic fabric. Its eCommerce landscape is characterized by a strong embrace of mobile commerce, with one-third of all online purchases conducted via mobile devices. The average Canadian online shopper demonstrates a robust spending propensity, with an annual expenditure of USD 1,745 with eCommerce merchants, expected to rise to USD 2,500 by 2027. This trend is further fueled by Canadians’ affinity for credit, driving the adoption of Buy Now, Pay Later (BNPL) services, which accounted for 6% of eCommerce transaction value in 2022.

Integral to Canada’s payment ecosystem is Interac, a key player in the Real-Time Rail (RTR) project, leveraging its innovative payment services such as Interac e-Transfer and Interac Online. Interac e-Transfer earned distinction as a Prominent Payments System (PPS) by the Bank of Canada in 2021.