Canada Mobile Wallet & Payment Market Size, Share (2025-2030)

Canada Mobile Wallet and Payment Market Research Report Forecast: (2025-2030)

Canada Mobile Wallet and Payment Market - By Type (Proximity Payments, Remote Payments, Peer-to-Peer Payments), By Mode of Payment (Near-Field Communication [NFC], QR-Code Based Payments, In-App Payme... ... yments, In-App Payments, Digital Banking Integration), By Technology (Cloud-Based Technology, On –Device Technology, Tokenization), By Application (Individuals, Businesses), By End User (Retail & E-commerce, Hospitality & Travel, Food & Beverages, Healthcare, Transportation, Utilities & Bills, Entertainment & Media) and Others Read more

FinTech
Jan 2025
Pages 117
Report Format: PDF, Excel, PPT

Market Definition

There is a virtual wallet in the form of applications on electronic devices like; mobiles, tablets, and smartwatches for storing payment information. It is known as a mobile wallet, and it can be used to make payments without the requirement of cash or physical cards.

Market Insights & Analysis: Canada Mobile Wallet and Payment Market (2025-2030):

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. Various factors are attributed to the growth of the market. The market demand is growing due to the increasing penetration of smartphones in Canada. Over 80% of the total Canadian population, around 31.8 million people, are smartphone users as of 2024. The rise in smartphones has led to the adoption of mobile payment services, making them a primary mode of transactions as they allow easy access and high-speed transfers.

Report Coverage	Details
Historical Years	2020-23
Base Years	2024
Forecast Years	2025-30
Market Value in 2024	USD 1.39 Billion
Market Value in 2030	USD 20.48 Billion
CAGR (2025-30)	55.88%
Top Key Players	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
Key Report Highlights	Market Dimensions & Projections Pricing Evaluation, Recent Strategic Moves by Companies, Primary Stakeholders, Analysis of Import and Export Trends, Competitive Landscape Assessment, Emerging Opportunities, Market Trends and Indicators

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The increasing demand is further created by the digitization of financial services in Canada, which becomes possible with the use of mobile-based applications. The use of digital transactions has increased drastically over the years in Canada, leading the market demand. Also, the market is further boosted by various technological advancements. The increasing adoption of Near Field Communication technology in Canada has enabled uninterrupted contactless payments which enhances user convenience. Additionally, the safety and security of transactions are increasing rapidly with advanced features like biometrics & Facial Recognition, further creating the demand. For Instance: These technologies are intensively integrated into mobile wallet apps like Apple Pay & Google Pay putting an extra layer of protection that ensures secure transactions.

Moreover, the demand for Mobile Wallet and Payment Market is further boosted by the supportive regulatory policies of the government. Multiple policies are implemented by the government through regulatory organizations like the Financial Consumer Agency of Canada & the Office of the Superintendent of Financial Institutions. These organizations with regulatory powers ensure the secure and effective functioning of digital payment systems. For instance: The FCAC provides guidelines on mobile payments and consumer protection, ensuring transaction transparency and security.

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
Canada Mobile Wallet and Payment Market Trends & Deployments
Canada Mobile Wallet and Payment Market Dynamics
1. Growth Drivers
2. Challenges
Canada Mobile Wallet and Payment Market Opportunities & Hotspots
Canada Mobile Wallet and Payment Market Value Chain Analysis
Canada Mobile Wallet and Payment Market Regulations and Policy
Canada Mobile Wallet and Payment Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type
    1. Proximity Payments- Market Size & Forecast 2020-2030, USD Million
    2. Remote Payments- Market Size & Forecast 2020-2030, USD Million
    3. Peer-to-Peer Payments- Market Size & Forecast 2020-2030, USD Million
  2. By Mode of Payment
    1. Near-Field Communication (NFC) - Market Size & Forecast 2020-2030, USD Million
    2. QR-Code Based Payments- Market Size & Forecast 2020-2030, USD Million
    3. In-App Payments- Market Size & Forecast 2020-2030, USD Million
    4. Digital Banking Integration- Market Size & Forecast 2020-2030, USD Million
  3. By Technology
    1. Cloud-Based Technology- Market Size & Forecast 2020-2030, USD Million
    2. On –Device Technology- Market Size & Forecast 2020-2030, USD Million
    3. Tokenization- Market Size & Forecast 2020-2030, USD Million
  4. By Application
    1. Individuals- Market Size & Forecast 2020-2030, USD Million
    2. Businesses- Market Size & Forecast 2020-2030, USD Million
  5. By End User
    1. Retail & E-commerce- Market Size & Forecast 2020-2030, USD Million
    2. Hospitality & Travel- Market Size & Forecast 2020-2030, USD Million
    3. Food & Beverages- Market Size & Forecast 2020-2030, USD Million
    4. Healthcare- Market Size & Forecast 2020-2030, USD Million
    5. Transportation- Market Size & Forecast 2020-2030, USD Million
    6. Utilities & Bills- Market Size & Forecast 2020-2030, USD Million
    7. Entertainment & Media- Market Size & Forecast 2020-2030, USD Million
    8. Others
  6. By Region
    1. Atlantic Canada
    2. Central Canada
    3. The Prairie Provinces
    4. The West Coast
    5. The North
  7. By Company
    1. Competition Characteristics
    2. Market Share and Analysis
Cloud-Based Technology Mobile Wallet and Payment Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2020-2030, USD Million
  2. By Mode of Payment-Market Size & Forecast 2020-2030, USD Million
  3. By Application- Market Size & Forecast 2020-2030, USD Million
  4. By End User-Market Size & Forecast 2020-2030, USD Million
  5. By Region- Market Size & Forecast 2020-2030, USD Million
On-Device Technology Mobile Wallet and Payment Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2020-2030, USD Million
  2. By Mode of Payment-Market Size & Forecast 2020-2030, USD Million
  3. By Application- Market Size & Forecast 2020-2030, USD Million
  4. By End User-Market Size & Forecast 2020-2030, USD Million
  5. By Region- Market Size & Forecast 2020-2030, USD Million
Tokenization Mobile Wallet and Payment Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type- Market Size & Forecast 2020-2030, USD Million
  2. By Mode of Payment-Market Size & Forecast 2020-2030, USD Million
  3. By Application- Market Size & Forecast 2020-2030, USD Million
  4. By End User-Market Size & Forecast 2020-2030, USD Million
  5. By Region- Market Size & Forecast 2020-2030, USD Million
Canada Mobile Wallet and Payment Market Strategic Imperatives for
Canada Mobile Wallet and Payment Market Strategic Imperatives for Canada Mobile Wallet and Payment Market Strategic Imperatives for Growth & Success
Competition Outlook
1. Company Profiles
  1. Apple Pay
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  2. PayPal
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  3. Google Pay
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  4. Samsung Pay
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  5. Moneris
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  6. Square
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  7. Stripe
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  8. Interac
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  9. Royal Bank of Canada (RBC) Wallet
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  10. Canadian Imperial Bank of Commerce (CIBC) Mobile Payment App
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  11. TD Bank Mobile Payment App
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  12. Scotiabank Mobile Wallet
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  13. Desjardins Mobile Payment
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  14. WeChat Pay
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  15. Alipay
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Deployments
    5. Financial Details
    6. Others
  16. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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