At Gigadat we believe that it is our role not only to provide reliable and secure payment options but also to prepare businesses for the Canadian market.
We are very proud to be Canadian, and know that one you start doing business here, you’ll realize it is an incredible market in which to participate.
Canada is ethnically a diverse country which includes people who speak Mandarin, Cantonese, Punjabi, Spanish, Tagalog and Arabic in addition to French and English.
Based on these statistics, all Canadian banks, trust and insurance companies have customer support in both official languages – English, and French, as well as in Chinese and Spanish due to the growing prevalence of these populations in Canada.
Canadian population: ≈ 38 010 000
Urban population: ≈ 80%
GDP per capita ≈ $CAD 60k
Average household income: ≈ $70,500
Average age: ≈ 40
Official languages: ≈ French & English
French speakers: ≈ 23.2%
English speakers: ≈ 75%
Spanish speakers: ≈ 7 000 000
Chinese speakers: ≈ 1 500 000
Canadians with a chequing account: 96%
Canadians using online banking: 68%
Canadians going to bank branches: 16%
Transactions through mobile apps: 31%
Payments through mobile apps: 31%
There are nearly 300 financial institutions in Canada including banks, insurance companies and small credit unions.
However, the market is largely dominated by the “big six”:
Royal Bank of Canada (RBC),
Bank of Montreal (BMO),
Trust Dominion Bank (TD Bank),
National Bank of Canada,
The Bank of Nova Scotia (Scotia Bank)
Canadian Imperial Bank of Commerce (CIBC).