Did you know that 82 per cent of Canadians are shopping online? As shopping habits have changed year over year, payment processing methods have also been evolving due to technological advancements. To dive deeper into the current and future adoption trends for payment processing, Chase Payment Solutions surveyed 2,200 small and mid-sized businesses in Canada and are excited to share the results with you today.
The inaugural State of Canadian Payments report reveals that Canadian merchants are open to adopting new payment innovations over the next 12 months, with payment options for consumers set to increase in the country. These technologies include mobile wallets, contactless credit cards, peer-to-peer payments, ‘buy now, pay later’ capabilities, and going cashless.
The following are key findings from the 2023 State of Canadian Payments Report:
- Overall, respondents from the restaurant industry are most open to adopting emerging payment methods. Retail and healthcare respondents are the least open to adoption.
- Similarly, businesses located in Western Canada are most open to adopt emerging payment methods. Eastern Canadian businesses are lagging in terms of adoption, and Central Canada falls in the middle.
- Businesses across Canada are most open to adopting peer-to-peer payment solutions (P2P/E-transfer) in the next 12 months.
Other Canadian business adoption statistics include:
About Chase Payment Solutions’ State of Canadian Payments Report
The study respondents have a primary business location in Canada and bring in gross revenue between $50,000 and $20 million. They all accept credit and/or debit cards, and 50% or more of their total annual revenue comes from either credit or debit card payments. Respondents are not exclusively Chase customers, and they work with a variety of different payment processors.