Merchants are open to adopting new payments innovations over the next 12 months reports Chase State of Canadian payments report. At the same time, payment options for consumers are set to increase in the country. Over the last decade, technological advancements and evolving customer demands have significantly enhanced payment processing options. Solutions have become more convenient, secure, and cost-effective to meet the needs of consumers.

“Shopping habits changed during the pandemic. 82% of Canadians shopped online in 2020, up from 77% in 2018,” said Marilu Gaudio, President Chase Payment Solutions Canada. “Our survey suggests things are changing and merchants’ appetite to adopt new technology is increasing.”

The State of Canadian Payments Report reflects on the key changes within Canada’s payments landscape. It analyses data from 2,200 small and medium-sized businesses to determine which payment options are and are not currently used. As people move toward touchless and mobile shopping, businesses are responding by adding more payment options. In recent years, new payment trends have gained ground in Canada. These include mobile wallet, cashless payments and contactless card payments.

“Across the board, we are seeing that over half of businesses who don’t currently offer each payment option are intending to make new technology available for their customers in 2023,” added Gaudio. “It is clear from our research that business decision-makers are finally eager to stay on top of consumer payment demands.

Key findings: 2023 State of Canadian Payments Report

  • Overall, respondents from the restaurant industry are most open to adopting emerging payment methods. Retail and healthcare respondents are the least open to adoption.
  • Similarly, businesses located in Western Canada are most open to adopt emerging payment methods. Eastern Canadian businesses are lagging in terms of adoption. Central Canada falls in the middle.
  • Businesses across Canada are most open to adopting peer-to-peer payment solutions (P2P/E-transfer) in the next 12 months.


The current penetration for this method among the business owners and upper management surveyed is 23%. This method accounts for 38% of their payments. More than half (55%) of respondents who weren’t yet accepting buy now, pay later had a strong desire to add this method. And the same percentage plans to adopt this method within the next 12 months.

Restaurant owners and upper management have a strong desire to add BNPL and plan to launch in the next year. Retail businesses are the least interested in adding BNPL and do not intend to add it within the next year.

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The current penetration for this method among the business owners and upper management surveyed is 21%. This method accounts for 41% of their payments. Cryptocurrency has experienced 38% year-over-year growth. Business decision-makers surveyed had accepted it for an average of 3 years and 1 month. Nearly half (48%) of respondents who aren’t accepting cryptocurrency have a desire to add it. Moreover, in the next 12 months, 52% of respondents plan to adopt this method.


Among the business owners and upper management surveyed, the current penetration for this method is 17%. This is the percentage of respondents that does not accept cash. Meanwhile, cashless payments account for 90% of respondents’ payments, so customers are choosing cashless payments most of the time.

Restaurant owners and upper management desire to go cashless and plan to do so in the next year. Retail business decision-makers are the least interested across the subgroups in going cashless.