Payments Snapshot in Canada: Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. The virus has spread to 187 countries/regions with nearly 2.5 million confirmed cases, with its spread outpacing other major infectious outbreaks from the past.
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 economyand the cards and payments industry in Canada. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised 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.
- Coronavirus has had a profound effect on Canadas 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.
Reasons to Buy
- 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.
Total Payment Cards Market vs. Pre-COVID-19 Forecasts
Debit Card Payments Market vs. Pre-COVID-19 Forecasts
Credit and Charge Card Payments Market vs. Pre-COVID-19 Forecasts
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