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

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.

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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.

Canada Mobile Wallet and Payment Market Driver:

Increasing Internet Penetration Boosting Demand – With high-speed internet facilities surging in the Canadian region, the use of mobile payment has grown intensively. As of 2024, 36.74 million Canadians are internet users constituting more than 94% of their population. Around 86% were on mobile internet connection. Daily activities like buying groceries, essentials, etc. are mostly being done over the internet by many Canadians. This has led to the widespread adoption of mobile wallets. Mobile Payment options are intensively being integrated into multiple businesses for high transaction speeds. They are further providing a variety of incentives in their services for greater engagement & customer convenience. For instance; Starbucks uses reward systems to encourage customers to use their mobile payment apps, boosting market growth. This will continue to drive the market growth during the forecast period.

Canada Mobile Wallet and Payment Market Opportunity:

Booming E-commerce to Offer Lucrative Growth Opportunities – It is one of the most significant opportunities for the Canadian market. More than 21 million Canadians used e-commerce in 2023, with most payments made by mobile wallets via multiple methods. The increased adoption of online shopping in Canada has led consumers to seek convenient and secure payment methods. This is bringing new opportunities for market players like; Apple Pay, PayPal, and others to capitalize on it as retailers are actively responding to integrate these platforms for payment solutions. For instance; in 2023, more than 29.5% of Apple Pay users in Canada used mobile wallets while online shopping highlighting the importance of mobile payment solutions. It will further boost the market growth during the forecast period if the market players allocate proper resources and investments.

Canada Mobile Wallet and Payment Market Challenge:

Rising Security Concerns Due to Financial Frauds – The increasing intensity of financial fraud in Canada is a big security concern that can drastically affect market growth. Multiple cases of phishing, identity theft, and scams have been registered in the past few years that have caused a lot of wealth damage leading to increased consumer apprehension about the safety of mobile payments. In 2023 alone, USD 567 million were lost in scams by the Canadians. Around 38% were unauthorized transactions and 34% were impersonator contacts, pointing out that scammers are finding modern ways to extract money that further raise security concerns causing havoc in the market. These incidents highlight the urgent need for enhanced security measures and consumer education to safeguard against financial fraud.

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.

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

The Canada Mobile Wallet and Payment Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2025–2030 at the national level. Based on the analysis, the market has been further classified as:

Based on End User:

• Retail & E-commerce
• Hospitality & Travel
• Food & Beverages
• Healthcare
• Transportation
• Utilities & Bills
• Entertainment & Media
• Others

Based on end users, Retail & E-Commerce leads the industry with a market share of around 40%. Integration of digital payment solutions in the business by retailers coupled with the growing trend of online shopping are the major factors for this growth. The high speed and convenience are well appreciated by the consumers of Canada which has led to widespread acceptance in the retail sector. Google Pay & Apple Pay are some of the highly used mobile wallets 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. The market is positioned to grow at a rapid rate during the forecast period with more retailers actively embracing digital payment solutions.

Based on 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.

Canada Mobile Wallet and Payment Industry Recent Development:

• October 2024: Apple Pay on its 10^th anniversary shared new ways to pay with the app, including rewards and installments. Now eligible users can access Klarna’s flexible payment options right at checkout online and in-app with Apple Pay on iPhones and iPads.
• January 2024: Google Pay and NPCI International Payments signed an agreement to expand the scope of Unified Payments Interface (UPI) payments outside India including various countries like Bhutan, Nepal, United Arab Emirates, and Canada that have also accepted UPI as a payment mechanism.

Gain a Competitive Edge with Our Canada Mobile Wallet and Payment Market Report

1. Canada Mobile Wallet and Payment Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Canada Mobile Wallet and Payment Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

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