Canada Mobile Wallet and Payment Market Projections: Size and Share Trends from 2025-30

Canada Mobile Wallet and Payment Market Overview and Insights:

According to MarkNtel Advisors Report, the Canada Mobile Wallet and Payment Market size was valued at around USD 1.39 billion in 2024 and is projected to reach USD 20.48 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 55.88% during the forecast period, i.e., 2025-30. Canada Mobile Wallet and Payment Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Time Period Captured in the Report:

 Historical Years: 2020-23

  Base Years: 2024

  Forecast Years: 2025-30

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Canada Mobile Wallet and Payment Market Trend:

Rising Demand for Peer-to-Peer Payments – It is a significant trend in the Canadian market. This type of payment method allows direct transfer of funds without the requirement of traditional banking intermediaries. Due to its high speed and convenience of digital transactions, the Peer-to-Peer method is gaining popularity among Canadian customers. Interac e-Transfer is being widely used in Canada for these kinds of payments. Around 1.18 Billion Interac e-Transfer transactions were completed by Canadians in 2023 showing a growth of 32.6% from 2021. Also, the growing number of mobile wallets are providing these facilities to boost the market demand making it a significant market trend. The P2P payments and mobile wallets have been increasing at a substantial rate with everyday transactions growing from Gen Z & Millennials in Canada.

Who are the Key Players Operating in the Canada Mobile Wallet and Payment Industry?

The top companies of the Canada Mobile Wallet and Payment market ruling the industry are: 

·         Apple Pay

·         PayPal

·         Google Pay

·         Samsung Pay

·         Moneris

·         Square

·         Stripe

·         Interac

·         Royal Bank of Canada (RBC) Wallet

·         Canadian Imperial Bank of Commerce (CIBC) Mobile Payment App

·         TD Bank Mobile Payment App

·         Scotiabank Mobile Wallet

·         Desjardins Mobile Payment

·         WeChat Pay

·         Alipay

·         Others

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What is Included in Canada Mobile Wallet and Payment Market Segmentation?

The report has segmented the market into the following categories:

-By Type

·         Proximity Payments

·         Remote Payments

·         Peer-to-Peer Payments

The proximity payments segment leads the global market. It holds approx. 60% of the total market share. It gets the speed & convenience of contactless transitions by using technology like near-field communication which is one of the major reasons behind the segment growth in Canada. Various platforms like PayPal, Apple Pay, Samsung Pay & Google Play are the main sources for these payments. Due to their security and seamless experience, Canadian customers prefer them highly. Furthermore, the service providers and the retailers are actively investing in the infrastructure to support contactless payments keeping consumer preferences in mind. This gives rise to technological advancements which will further provide more opportunities for market growth during the forecast period.

-By Mode of Payment

·         Near-Field Communication (NFC) - Market Size & Forecast 2020-2030, USD Million

·         QR-Code Based Payments- Market Size & Forecast 2020-2030, USD Million

·         In-App Payments- Market Size & Forecast 2020-2030, USD Million

·         Digital Banking Integration- Market Size & Forecast 2020-2030, USD Million

-By Technology

·         Cloud-Based Technology- Market Size & Forecast 2020-2030, USD Million

·         On –Device Technology- Market Size & Forecast 2020-2030, USD Million

·         Tokenization- Market Size & Forecast 2020-2030, USD Million

-By Application

·         Individuals- Market Size & Forecast 2020-2030, USD Million

·         Businesses- Market Size & Forecast 2020-2030, USD Million

-By End User

·         Retail & E-commerce- Market Size & Forecast 2020-2030, USD Million

·         Hospitality & Travel- Market Size & Forecast 2020-2030, USD Million

·         Food & Beverages- Market Size & Forecast 2020-2030, USD Million

·         Healthcare- Market Size & Forecast 2020-2030, USD Million

·         Transportation- Market Size & Forecast 2020-2030, USD Million

·         Utilities & Bills- Market Size & Forecast 2020-2030, USD Million

·         Entertainment & Media- Market Size & Forecast 2020-2030, USD Million

·         Others

Geographical Analysis:

-By Region

·         Atlantic Canada

·         Central Canada

·         The Prairie Provinces

·         The West Coast

·         The North

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For Further Queries:

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2. What are the trends influencing the current scenario of the market?
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4. How has the industry been evolving in terms of geography and product adoption?
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