Annual number of real-time payments in Canada in 2023, with a 2028 forecast
Real-time payments in Canada were predicted to grow by 2028, as instant payments made up roughly six percent of overall payments in 2023. Approximately eight percent of the overall payments mix in the country - including both cash and cashless - is anticipated to be an instant payment by 2028. The source adds this equals a CAGR of 6.2 percent between the five years under consideration. Canada has the domestic real-time payment scheme Interact e-Transfer since 2002, but adoption has been relatively small due to the high preference for cards - especially credit cards - in Canada.
