Canada P2P Payments Forecast 2023

How Banking Apps and Digital Wallets Can Drive Usage Despite Dwindling Growth

Report by Grace Broadbent  | UPDATED: Dec 22, 2023
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Executive Summary
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Table of Contents
Executive Summary
Mobile P2P providers in Canada need an updated strategy to boost muted adoption.
P2P providers can blend convenience, security, and broader use cases to boost usage.
Sources
Media Gallery
About This Report
Mobile P2P payments are struggling to capture users in Canada. But banks and digital wallet providers can lean into their respective strengths to create a rosier outlook for growth.
Topics
Financial Services
Payments
Canada
Table of Contents
Executive Summary
Mobile P2P providers in Canada need an updated strategy to boost muted adoption.
P2P providers can blend convenience, security, and broader use cases to boost usage.
Sources
Media Gallery

Just a third of adults in Canada will use mobile peer-to-peer (P2P) payments this year, and adoption will barely grow through 2027. Mobile banking apps and digital wallets must rethink their strategies to capture P2P users—making the most of a population that doesn’t yet have strong P2P brand loyalty.

Key Question: How can mobile P2P providers in Canada drive consumer usage in the coming years?

KEY STAT: P2P mobile payment providers have ample room to grow in Canada: Two-thirds of the population are still nonusers. But it will be slow going, with YoY growth expected to slow from 4.5% in 2023 to 1.9% in 2027.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Mobile P2P providers in Canada need an updated strategy to boost muted adoption.
  1. P2P providers can blend convenience, security, and broader use cases to boost usage.
  2. Sources
  1. Media Gallery

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First Published on Oct 3, 2023

authors

Grace Broadbent

Contributors

Eleni Digalaki
Principal Analyst
Chris Keating
Director, Research
David Morris
Principal Analyst
Andrew Spink
Forecasting Analyst