Canada
Canada has been a ready market for several years now, welcoming many fintechs and innovative payment solutions to break the status quo. Intercash is at the forefront, supporting local payments and card issuing in Canada to help businesses support their fintech and innovative payment initiatives with customizable ready-to-market solutions.
Overview
Population
36.7 million
Gross domestic product
$1.7 trillion
E-commerce market value
$46 billion
Mobile commerce market size
$16.6 billion
Mobile commerce as a percentage of e-commerce market size
36%
Internet penetration
92%
Smartphone penetration
80%
Bank account penetration
99.8%
Card penetration per capita (debit & credit)
2.89
Preferred e-commerce methods
Intercash has local solutions for the Canadian region, and can provide global payment solutions tailored for your business.
E-commerce completed on a mobile device
$16.6 billion
Mobile commerce completed in-app
$8.5 billion
Mobile commerce completed on a browser
$8.1 billion
With financial services standardized and quite accessible to most Canadians, it has led to few major players running the payments and banking space in Canada. The Canadian economy has always been seen as one with a strong banking and regulatory infrastructure, along with a well-banked population. While Canada is the second-largest country in terms of total area, the country boasts a modest population just over 37 million. With a Gross Domestic Product (GDP) of approximately USD $1.73 trillion, the North American country has the world’s 10th largest economy. Canada’s per capita GDP of $46,260.71 is ranked 20th globally, while it’s Purchasing Power Parity (PPP) of $1.84 trillion is ranked 17th globally.
Canada is the global leader in cross-border ecommerce for retail, with cross-border purchases accounting for 75% of all online transactions. Not surprisingly, most of these purchases are made from businesses located in the U.S. Credit cards still remain the preferred payment method, followed by Interac. While Interac is a local direct debit scheme, it also supports online banking, which can also be used for online purchases. Not only are Canadian shoppers exceptionally open to cross- border ecommerce, particularly with U.S. businesses, no local entity is required, even when using Interac, which makes it an exceptionally easy market to enter.
The three major types of industries in the country are manufacturing, services, and natural resources. Similar to other developed countries, the service industry is a significant driver in Canada's economy. The manufacturing industry is also highly developed, ranking among the global leaders in the manufacture of various products including aircraft, automobiles, and software development.
