Credit Cards Gain Momentum in Canadian Consumer Payments

– Credit card payments set to reach 64% of consumer expenditure by 2029 –

(Toronto, September 30, 2025) – – The value of credit card payments in Canada exceeded 50% of Personal Consumption Expenditure (PCE) for the first time in 2020, and is expected to reach 64% of PCE by 2029, according to the recently released Canadian Payments Forecast, 2025, published by Technology Strategies International Inc. The number of credit card transactions is expected to exceed 50% of all Canadian consumer payments by 2027. 

“Credit card payments now lead across most Canadian payment channels—from in-store contact and contactless payments, to online, mobile, and wearables payments,” says Christie Christelis, President of Technology Strategies International.

Growth in the value of Canadian consumer credit card payments from 2014 to 2024 has averaged 8.6% per annum (CAGR), compared with 3.3% per annum (CAGR) for debit card payments. Meanwhile, cash and cheque payments have declined, while all other forms of payment have remained stable.

“The only areas where credit card payments have yet to gain prominence are online bill payments and pre-authorized payments,” says Christelis. “These payments are often made directly from a bank account, but the uptake of pre-authorized credit card payments is gaining momentum.”

Debit card payments account for 17% of the value of expenditure on PCE, and 29% of consumer payment transactions, according to the report, with these shares expected to remain stable throughout the forecast period.

Additional highlights from the study include:

• Mobile bill payments accounted for 74% of online bill payments by value in 2024
• Cryptocurrency  usage has increased over the past year, with almost one quarter of adult Canadians trading in or paying with cryptocurrencies over the prior 12 months
• In-store mobile payments will grow rapidly over the next five years, surpassed only by growth in wearable payments

The 140-page report provides a comprehensive review, analysis, and forecast of consumer payments in Canada. The analysis draws on TSI’s annual tracking market research study, Canadian Consumer Payments Survey, 2025, with more than 2,000 adult Canadian respondents.

The report identifies high-growth segments in the Canadian payments market, considering significant recent developments in the economy, technology, and the industry. Detailed forecasts are presented for credit card payments, debit card payments, cash payments, cheque payments, contactless payments, mobile payments, wearable payments, online payments, bill payments and transfers, prepaid cards, gift cards, P2P payments, international remittances, ABM installations, and POS terminals.