Canada Mobile Payments Forecast 2021

How Wallet Providers Can Shift Consumer Habits and Overcome Monopolization in a Slow-Growing Market

Report by Jaime Toplin  | Oct 29, 2021

Global Mobile Payments Forecast 2021

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Forecasts for three markets: Canada, China, and UK

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Table of Contents
Executive Summary
Key Points
Introduction
Canada Proximity Mobile Payments
Canada P2P Mobile Payments
Read Next
Sources
Media Gallery
About This Report
Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to adapt.
Topics
Payments
Canada
Table of Contents
Executive Summary
Key Points
Introduction
Canada Proximity Mobile Payments
Canada P2P Mobile Payments
Read Next
Sources
Media Gallery

Executive Summary

Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer (P2P) mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to develop incentives, emphasize user experience (UX), and play up engagement among existing users to make the market a worthwhile growth play.

3 KEY QUESTIONS THIS REPORT WILL ANSWER:

  1. What trends are helping to accelerate growth in the Canadian mobile proximity and mobile P2P payment market?
  2. What market dynamics are driving consumer behavior trends, and how are they impacting providers’ revenues, competitive positioning, and performance?
  3. How can providers tap into this growth to attract new users and boost engagement?

WHAT’S IN THIS REPORT? Factors driving consumer habits in Canada around proximity and P2P mobile payments, the market dynamics affecting providers’ business performance in the space, and actionable steps providers can take to secure users and grow their mobile payment business.

Peer-to-Peer (P2P) Mobile Payment Users in Canada, 2019-2025 (millions, % change, and % of population)
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KEY STAT: We expect the number of mobile P2P payment users in Canada will grow from 9.7 million to 11.4 million between 2021 and 2025.

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  1. Canada Proximity Mobile Payments
  2. Canada P2P Mobile Payments
  3. Read Next
  1. Sources
  2. Media Gallery

Charts in This Report

Peer-to-Peer (P2P) Mobile Payment Users in Canada, 2019-2025 (millions, % change, and % of population)Smartphone User Penetration in Canada, by Age, 2021 (% of population)
Wearable Device Shipments in Thailand, by Segment, 2019 & 2020 (thousands, % of total, and % change)Volume and Value of Contactless Payment Methods in Canada, 2015-2020 (millions of transactions and billions of Canadian dollars)
Payment Methods Used by Adults in Canada*, April, July, & Nov 2020 (% of respondents)Payment Pain Points Experienced by Internet Users in Canada, by Age, March 2021 (% of respondents in each group)
Volume of Point-of-Sale (POS) Credit Card Transactions in Canada, 2015-2020 (millions of transactions and % of total POS transactions)Volume and Value of Online Transfers in Canada, 2015-2020 (millions of transactions and billions of Canadian dollars)
Nonvoice Mobile: Average Time Spent in Canada, 2019-2023 (among population)Transfer Payment Pain Points Experienced by Internet Users in Canada, by Age, March 2021 (% of respondents in each group)

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authors

Jaime Toplin

Contributors

Daniel Decea
Researcher, Financial Services
Nazmul Islam
Junior Forecasting Analyst
Cindy Liu
Senior Forecasting Analyst
David Morris
Principal Analyst