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Canadians’ reliance on their smartphones continues to increase. Interac data reveals a 53% jump in the use of Interac mobile payments in stores and a 17% surge in its use for e-commerce purchases between August 2022 and July 2023. Over 1 billion of these mobile transactions have taken place within a 12-month period for the first time ever.
In an unusual trend for a developed market, the number of credit card transactions in Canada has exceeded the number of debit purchase transactions for the first time since 1997, according to the recently released Canadian Payments Forecast, 2019. Credit card transactions overtake debit transactions in Canada The report estimates that 6.047 billion consumer credit card transactions were conducted in 2018, compared with 6.042 billion debit payment transactions.
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