North America

Market overview

In North America, the payments landscape is shaped by a blend of traditional credit card usage and a shift towards digital wallets and Buy Now, Pay Later (BNPL) services. In Canada, the adoption of Account-to-Account (A2A) payments witnessed significant growth, driven notably by Interac Online, facilitating seamless bank account transfers for eCommerce transactions. Despite Canada’s eCommerce market being 6% smaller in scale compared to the U.S., it exhibits a promising growth trajectory, projected at a robust 10% Compound Annual Growth Rate (CAGR) through 2026, outpacing its U.S. counterpart. Concurrently, U.S. retailers are exploring innovative solutions like Pay by Bank, leveraging A2A transfers and Open Banking protocols to enhance payment acceptance efficiency.

Country stats

Population:

385,695 million

as per 2024 stats

Average number of online shoppers:

274.70 million

by 2023

Currencies:

Canadian Dollar
CAD

Share of transaction value
2022-2026

eCommerce payment methods

Digital wallet

32%
41%

Credit card

31%
23%

Debit card

19%
16%

Acount-to-account (A2A)

9%
11%

Buy now pay later (BNPL)

5%
7%

Prepaid Card

1%
1%

PrePay

1%
1%

Others

2%
1%

2022

2026

POS payment methods

Credit card

41%
40%

Debit card

31%
31%

Digital wallet

12%
16%

Cash

12%
8%

Prepaid Card

3%
3%

POS financing

1%
2%

2022

2026

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