Adyen has released its third annual Canada Retail Report for 2024, which shares data insights from Canadian consumers and retailers related to self-checkouts, Buy-Now-Pay-Later, payment preferences, concerns about fraud, and overall trends in checkout efficiency and technology.
Polling 2,000 individuals and 500 businesses, the study reveals a shift towards social media shopping and Buy-Now-Pay-Later (BPNL) options. Remarkably, 70% of BNPL users engage monthly, with an average spend of $420.06 per person, contributing to an annual total of $17 billion across Canada.
Payment flexibility remains crucial, with 57% of consumers likely to abandon purchases if preferred payment options are unavailable. Additionally, the demand for quicker in-store transactions and more self-checkout options is evident, with 59% of consumers advocating for such advancements. Concerns over payment fraud have also grown, with 33% feeling more at risk than a decade ago.
“Canadian consumers are driving innovation in the retail industry, pushing for the availability of newer payment options like BNPL, tap-to-pay, and enhanced shopping experiences with more rewards and more efficient checkouts,” says Sander Meijers, Adyen’s Canada Country Manager.
“At a time when the majority of Canadians are embracing technology in their shopping experience, from where they shop to how they shop and pay, we are proud to provide all-in-one payment solutions for retailers to stay one step ahead while still prioritizing secure payments and operational efficiency.”
Adyen, which processed $1 trillion globally in 2023, continues to support major brands in enhancing Canadian retail experiences.
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