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Future of Retail, Payments & eCommerce
Retail Payment Trends to Keep an Eye on this Holiday Season In 2023, Canada saw 21.7 billion retail transactions worth $11.9 trillion. As the holiday shopping season approaches, businesses must adapt to changing consumer payment preferences. E-commerce surged to $71.6 billion in 2023, with popular categories including clothing, groceries, and electronics.
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n 2 02 3, 21.7 billion reta il p a y m e n t tra nsactions were made in Canada, totalling $11.9 trillion. As we enter arguably the busiest holiday shopping period of the year, here’s a closer look at the retail payment options that consumers are using. These trends are important for businesses to understand, to inform their decisions on how to send and receive payments, ensuring they meet their current and prospective customer's payment needs and preferences.
According to Payments Canada research, e-commerce grew to $71.6 billion or 546 million transactions in 2023. The top categories of online purchases included clothing, restaurants/fast food, groceries, electronics and personal beauty products. Close to three in five Canadians (57 per cent) made an online purchase in the past month. Credit cards continued to be the preferred choice for e-commerce transactions at 57 per cent followed by PayPal and debit cards at 18 per cent each. Over one-in-ten Canadians (13 per cent) used smart devices or social media for placing an online order or initiating a payment in a given month in 2023.
Overall, Canadians were generally satisfied with their payment experience buying online in 2023. However, 13 per cent of Canadians experienced not being able to use their preferred payment method while shopping online (up slightly from 11 per cent last year). Having a diverse selection of payment options is important in attracting and retaining customers. If you’re a business looking to learn more about the payment preferences and behaviours of your customers this holiday season, I encourage you to take a look at Payments Canada’s Canadian Payment Methods and Trends report available on payments.ca.
StephenYun Senior Analyst, Market Insights, Payments Canada
Beyond the Card: How Mastercard is Providing New Lifestyle Rewards and Benefits Increasingly, Canadians are looking for credit card benefits to enhance their lifestyle through their passions – entertainment, sport, and travel. Mastercard is shaping consumer experiences by offering innovative benefits that address current and emerging needs of consumers.
W Ken Donohue
Craig Reiff Senior Vice President of Core Payments, Mastercard, Canada
ith newly introduced benefits, using your eligible World and World Elite Mastercard has never been better.* Sleep easily with discounts on stays through Booking.com. No longer fuss with local SIM cards, thanks to access and discounts on plans with powerful global data roaming by FlexiRoam. And never miss your favourite sport, show, or movie with offers from streaming service Fubo – the only choice for watching Premier League, Serie A, and Coppa Italia in Canada. These and other cardholder benefits will have your friends and family eager to experience the advantages you enjoy. In today's fast-paced world, consumers are seeking convenience, security, and holistic well-being in their interactions. Mastercard understands these multifaceted expectations and takes a proactive approach to staying informed about consumer needs. Committed to innovation in payment technologies, the company is eager to continue enhancing the overall experience for Canadian cardholders. “As Canadian preferences and behaviours evolve, we continue
to leverage data and insights to refine our products and introduce new benefits that enhance the lives of Mastercard cardMastercard’s new cardholder benefits are holders,” says Craig Reiff, Senior available for eligible World Vice President of Core Payments at and World Elite Mastercard holders.* Learn more Mastercard, Canada. “Our vision is to about World and World provide unparalleled value and experiences that Elite benefits at go beyond the card.” mastercard.ca. The rapidly evolving digitization of society is having positive impacts for retail and e-commerce experiences, providing conThis article was sumers and businesses with efficient digital payment solutions. sponsored by Mastercard is playing a key role in powering this shift. Canadians can Mastercard. take advantage of fast, frictionless payments, which provide speed and simplicity, enhancing their everyday transactions. Through continuous innovations, Mastercard is helping provide consumers with a more convenient, efficient, and seamless payment experience. *Eligible cards may vary. Terms, conditions and exclusions apply.
Publisher: Isabella Bousada Business Development Manager: Elizabeth Ashfield Country Manager: Nina Theodorlis Production & Delivery Manager: Michael Taylor Creative Director: Kylie Armishaw Digital Designer: Miranda Robinson Digital Media Manager: Karm Rathod All images are from Getty Images unless otherwise credited. This section was created by Mediaplanet and did not involve The National Post or its editorial departments. Send all inquiries to ca.editorial@mediaplanet.com.