Payments Snapshot in Canada: COVID-19 Sector Impact - ResearchAndMarkets.com

DUBLIN--()--The "Payments Snapshot in Canada: Coronavirus (COVID-19) Sector Impact" report has been added to ResearchAndMarkets.com's offering.

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 economy and the cards and payments industry in Canada. Based on our proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised 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 the 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.

Key report benefits:

  • 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

Key Topics Covered:

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

For more information about this report visit https://www.researchandmarkets.com/r/2bavcl

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900