Market Research Report
Payments Snapshot in Canada - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||951628|
|Published||Content info||23 Pages
Delivery time: 1-2 business days
|Payments Snapshot in Canada - Coronavirus (COVID-19) Sector Impact|
|Published: July 23, 2020||Content info: 23 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring it a pandemic on March 11, 2020.
Canada has so far recorded total confirmed cases of 113,777 - much lower compared to other developed markets such as the US, the UK, France, Italy, and Germany.
To date, fiscal and monetary measures worth around $192.34bn (11.08% of GDP) have been announced by the government. As part of its COVID-19 Economic Response Plan, on March 18 the Canadian government unveiled an economic stimulus package of C$82bn ($63.26bn). This included C$27bn ($20.83bn) in direct assistance to individuals and businesses affected by the outbreak and C$55bn ($42.43bn) in tax deferrals. The government allocated an additional C$10bn ($7.71bn) to offer loans, with a focus on SMEs.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in Canada. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.