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Canada
Canada, the second-largest country in the world by land area, is known for its diverse economy, high standard of living, and strong social systems. With a population of approximately 38 million people, Canada is a highly developed country that enjoys political stability, economic prosperity, and a rich natural resource base. The country’s economy is one of the most advanced and diversified in the world, with key sectors including natural resources, manufacturing, technology, and services.
Canada’s economy is characterized by diversity and strength across multiple sectors. Natural resources, particularly oil, natural gas, minerals, and forestry, play a crucial role, making Canada a major global exporter of energy and raw materials. Manufacturing, especially in the automotive and aerospace industries, is another vital component, alongside a robust services sector that includes finance, real estate, healthcare, and education.
Canada is a member of several major international organizations, including the G7, G20, and the World Trade Organization (WTO). It is also a key participant in major trade agreements, such as the United States-Mexico-Canada Agreement (USMCA), highlighting strong trade and investment ties with the United States and other global partners.
Canada has shown resilience in recovering from the economic impacts of the COVID-19 pandemic. The economy rebounded strongly with a growth rate of 4.5% in 2021, driven by domestic consumption, government stimulus measures, and a recovery in global demand for Canadian exports. In 2022, growth continued at 3.2%, supported by strong performances in the resource and technology sectors.
Growth is expected to moderate to around 1.6% in 2024, due to global economic uncertainties, inflationary pressures, and monetary tightening. Inflation peaked at 8.1% in mid-2022, driven by supply chain disruptions, energy prices, and strong consumer demand, but moderated to 4.2% by mid-2023. It is expected to decrease further to around 3.0% by 2024. The unemployment rate averaged 5.0% in 2023, remaining stable as the labor market benefits from recovery and immigration policies addressing labor shortages.
Canada maintains a prudent fiscal policy, focusing on economic stability, social welfare, and sustainable development. Public debt increased during the pandemic due to stimulus spending but remains manageable relative to GDP. Investments in infrastructure, healthcare, education, and green energy support long-term growth and sustainability.
Payments and digital financial services in Canada:
Top banks
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Royal Bank of Canada (RBC)
RBC (Royal Bank of Canada) is the largest bank in Canada by assets, providing a full spectrum of banking and financial services for individuals, businesses, and institutions. RBC’s offerings include retail banking, wealth management, investment banking, loans, and digital banking solutions, making it a trusted leader in Canada’s financial sector.
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Toronto-Dominion Bank (TD)
TD Bank is one of the largest banks in Canada, recognized for its extensive retail banking network and strong presence in the United States. TD Bank offers a wide range of financial services, including personal banking, commercial banking, loans, mortgages, and wealth management, serving both individuals and businesses across North America.
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Bank of Nova Scotia (Scotiabank)
Scotiabank is a major Canadian bank providing a full range of banking products and services for individuals, businesses, and international clients. Its offerings include retail banking, corporate banking, wealth management, and international banking, with a strong presence in Latin America. Scotiabank is a trusted partner for reliable and professional Canadian and international banking services.
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Bank of Montreal (BMO)
BMO (Bank of Montreal) is one of Canada’s oldest and most trusted banks, providing a wide range of banking and financial services across North America. BMO offers retail banking, wealth management, investment banking, loans, and digital banking solutions, serving both individuals and businesses.
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Canadian Imperial Bank of Commerce (CIBC)
CIBC (Canadian Imperial Bank of Commerce) is a major player in the Canadian banking sector, providing a wide range of financial services for both individuals and businesses. Its offerings include retail banking, commercial banking, wealth management, and capital markets services, making CIBC a trusted partner in Canada’s financial industry.
Top payment methods
NeoSurf
As well, there are available NeoSurf. NeoSurf is a prepaid payment method that allows users to make online payments without the need for a bank account or credit card that you can buy with cash.
Interac
Interac provides a reliable and secure way for Canadian customers to make payments directly from their bank accounts. These payment method enhance the overall customer experience and contribute to the success of online businesses by catering to diverse consumer preferences.
Paypal
PayPal, a leading online payment solution, serves over 400 million active users worldwide in 200 countries and supports 100+ currencies. In France, PayPal is one of the most popular digital payment methods for online shopping, trusted for secure, fast, and convenient online payments.
Concluding remarks
Cash
Cash payments remain widely used for in-person transactions, offering instant settlement, privacy, and spending control. Popular in tourism, local markets, and small businesses, cash is a reliable option where digital infrastructure or cards may be limited.
Cards
Credit and debit cards are essential for e-commerce, retail, and online subscriptions. Providers like Visa, Mastercard, and Amex enable contactless, recurring, and cross-border payments, offering security and convenience for both consumers and businesses globally.
APM's
APMs include digital wallets, mobile payments, and bank transfers, widely used in e-commerce and fintech. Examples: Interac, Apple Pay, Google Pay. They provide fast, secure, convenient transactions, often without a credit card.
Cryptocurrency
Cryptocurrency payments like Bitcoin and Ethereum enable secure, borderless, decentralized transactions. Increasingly accepted by online stores, freelance platforms, and fintech apps, crypto offers low fees, privacy, and digital currency innovation for global payments.
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