Overall credit and debit spending moderately grew at 2.9%
Contactless transactions continue to account for the majority of card present transactions in Canada, according to the MonerisMetrics Quarterly Report released by Moneris Solutions Corporation (“Moneris”). Closing the second quarter with a share of 52.5 per cent of card present transactions, tap payments trended upwards from the 51.5 per cent recorded in the first quarter. Overall credit and debit card spending year-over-year saw moderate growth of 2.9 per cent.
For the second consecutive quarter, contactless transactions accounted for the majority of all card present transactions. Provinces leading this trend are Prince Edward Island (57.5 per cent), Manitoba (56.0 per cent), Ontario (54.8 per cent), British Columbia (54.6 per cent), Nova Scotia (54.4 per cent), Alberta (53.3 per cent), Saskatchewan (52.3 per cent) and New Brunswick (50.0 per cent).
“The impressive share of contactless payments again this quarter is a signal that tap-to-pay is here to stay,” said Angela Brown, President and CEO of Moneris. “It’s clear that as we shifted into the spring and summer months, Canadians continued to move quickly through the checkout process. Contactless is driving real change in consumer behavior and it’s exciting to watch. We’re witnessing a shift in the market that’s accelerating the adoption of digital wallets and changing the payments landscape.”
Across Canada, Saskatchewan (-1.1 per cent), Alberta (-0.3 per cent) and Newfoundland (-0.2 per cent) saw the lowest growth rates in the country for a second quarter in a row. Despite a slow growth rate, Quebec (+5.2 per cent), New Brunswick (+4.2 per cent), Nova Scotia (+2.5 per cent) and Manitoba (+2.4 per cent) outperformed their second quarter growth from 2018. Prince Edward Island and Ontario held steady growth rates at 4.5 per cent and 3.4 per cent respectively compared to Q2 2018, and British Columbia closed the second quarter with 3.2 per cent.
Save with preferred pricing on payment processing fees and take advantage of a full range of advanced payment solutions designed to help your business today and tomorrow! Visit Moneris for more information.
MonerisMetrics is an insightful Canadian spending indicator powered by Moneris. It provides information on spending activity in Canada across a range of categories by analyzing credit and debit card transaction data. The percentages cited are derived from actual sales volumes — the dollar values of credit and debit card transactions being processed by Moneris merchants — compared with sales volumes from the prior year.
Moneris is Canada’s largest provider of innovative solutions for mobile, online and in-store payments, processing more than one in three transactions. Serving businesses of every size and industry, Moneris offers hardware, software and solutions to help transform the way businesses grow and operate, in payments and beyond.