Canadian retailers lose about $1,000 per month per business to checkout friction
New Interac research shows the typical Canadian business loses roughly five sales and $1,000 in online revenue each month due to payment or checkout friction. Among the merchants most affected, losses rise to $21,000 per month, while Baymard Institute data puts the global average cart‑abandonment rate at about 70%.
Shoppers most often abandon carts because of unexpected costs, being forced to create an account, worries about payment security, or a checkout process that feels too long or complicated. Each extra step — such as loyalty‑program sign‑ups, additional data fields, or extra verification — adds another chance for the buyer to leave before completing the purchase. Konek, the digital wallet backed by Interac and Canada’s major banks, aims to simplify checkout by letting shoppers pay with familiar banking credentials while still offering choice. KPMG research cited in the article shows that nearly half of Canadians dislike retailers sharing their shopping data and over 90% believe retailers do not do enough to guard personal and financial information from cyber‑threats.
“Getting shoppers to checkout is only half the battle,” Kris Zanuldin, Head of Konek at Interac Corp said.
“If the experience feels complicated, unfamiliar or untrustworthy, even heavily motivated customers won’t hesitate to abandon their purchase,” Kris Zanuldin, Head of Konek at Interac Corp said.
Retailers spend heavily on advertising, product placement and website upgrades to get shoppers to the checkout page. Although each added checkout step — such as account creation for loyalty programs or extra data fields — serves a legitimate purpose, together they can make the process feel burdensome and drive abandonment.
What we know
Baymard Institute research puts the average online shopping cart abandonment rate globally at approximately 70 per cent (Baymard Institute, 2025).
New Interac research[i] among 400 business decision-makers in Canada found the typical business loses roughly five sales and $1,000 in online revenue every month to payment or checkout friction.
This figure climbs to $21,000 per month among the merchants hit hardest.
Research from KPMG found that nearly half of Canadians surveyed were uncomfortable with retailers sharing data about their shopping habits.
More than nine in 10 also expressed retailers weren’t doing enough to protect their personal and financial information from cyber criminals (KPMG, 2025).