According to a new study commissioned by Visa Canada and conducted by IHS, a global source of information and analytics, Canada has been at the forefront of the global migration to electronic payments from cash and cheques. Data shows that from 2006 to 2010, the credit and debit transaction volume in Canada has jumped 25%, from USD 363.4 billion to USD 455.4 billion.
The same source indicates that during the 25-year period (1986 to 2010), electronic payments also contributed to a USD 107 billion increase in Personal Consumption Expenditures (PCE), or consumer spending.
The results of the IHS research emphasize the value electronic payments can bring to economies by providing greater security, transparency, choice and enhanced payment options to the marketplace.
The IHS report measured the total value of electronic payments in the Canadian economy and took an in-depth look at three economic sectors that are largely responsible for the positive impact: travel, tourism and e-commerce.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now