Press Release

Canada Mobile Wallet and Payment Market Size to Reach USD 20.48 Billion Mark by 2030

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, cites MarkNtel Advisors in the recent research report. Various factors are attributed to the market's growth. The rapid advancement in technology like Near-Field Communication and the growth in security for verification like biometrics involving facial recognition, and fingerprint authentication is generating trust for mobile wallets & payments in the consumers which is leading to market growth. Also, the enormous increase in the usage of smartphones provides a high number of applications that are used in millions of transactions from mobile wallets in Canada. The shift in consumer behavior towards the quick & easy transaction models for payments provided by these mobile wallet applications is further driving the demand.

Moreover, implementing favorable regulations in the financial ecosystem by organizations like PCMLTFA, FINTRAC and the Office of the Superintendent of Financial Institutions with provincial regulators has encouraged the growth of mobile payment solutions in Canada. Furthermore, the booming E-commerce sector in Canada is creating immense opportunities for online payment solutions, including mobile wallets. Other opportunities in the market include international remittance where mobile wallets can easily expedite international money transfers.

With peer-to-peer transactions rising rapidly in Canada the growth of the market becomes enormous. The high-speed internet available at a low cost allows users to conduct financial transactions from anywhere at any time giving the market a successful boost. Several factors can hamper this exponential growth. There are high concerns regarding scams and potential fraud that create a big risk for consumers, leading to a breach in consumer trust that can drastically affect the market, further states the research report, “Canada Mobile Wallet and Payment Market Analysis, 2025.”

Canada Mobile Wallet and Payment Market Segmentation Analysis

Proximity Payments are the Most Preferred Type in the Market

Based on type, the market is further bifurcated into Proximity Payments, Remote Payments, and Peer-to-Peer Payments. Out of them, the proximity payments lead the market with a market share of around 60%. By the use of technology like near-field communication, it gets the speed & convenience of contactless transitions 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. Canadian customers highly prefer these due to the security and seamless experience provided by them. Moreover, the rising adoption of near-field communication coupled with the increasing number of merchants that accept contactless payments has significantly boosted the segment's growth in Canada.

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.

Retail & E-Commerce Sector Widely Adopting Mobile Wallet and Payment Methods

The Retail & E-commerce sector leads the Canada Mobile Wallet and Payment Market with a massive market share of around 40%. The major factor for this growth is the integration of digital payment solutions in the business by retailers coupled with the growing trend of online shopping. The high speed and convenience are well appreciated by the consumers of Canada which has led to widespread acceptance in the retail sector. Mobile wallets like Google Pay & Apple Pay are highly being used for in-store & online purchases. Also, during the pandemic period, there was a boom in online shopping from E-commerce websites that increased contactless payments, further fueling the market growth. With more retailers actively embracing digital payment solutions, this segment is positioned to grow at a rapid rate during the forecast period.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including 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 and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report                                  

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from service providers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?