According to Markntel Advisors Report, Canada Mobile Wallet and Payment Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
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.
Canada Mobile Wallet and Payment Market Research Report & Summary:
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.
Time Period Captured in the Report:
- Historical Years: 2020-2023
- Base Years: 2024
- Forecast Years: 2025-2030
Who are the Key Players Operating in the Canada Mobile Wallet and Payment Market?
The top companies of the Canada Mobile Wallet and Payment Market ruling the industry are:
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
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What is included in Canada Mobile Wallet and Payment Market Segmentation?
The Canada Mobile Wallet and Payment Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Type
- Proximity Payments- Market Size & Forecast 2020-2030, USD Million
- Remote Payments- Market Size & Forecast 2020-2030, USD Million
- Peer-to-Peer Payments- Market Size & Forecast 2020-2030, USD Million
- By Mode of Payment
- Near-Field Communication (NFC) – Market Size & Forecast 2020-2030, USD Million
- QR-Code Based Payments- Market Size & Forecast 2020-2030, USD Million
- In-App Payments- Market Size & Forecast 2020-2030, USD Million
- Digital Banking Integration- Market Size & Forecast 2020-2030, USD Million
- By Technology
- Cloud-Based Technology- Market Size & Forecast 2020-2030, USD Million
- On –Device Technology- Market Size & Forecast 2020-2030, USD Million
- Tokenization- Market Size & Forecast 2020-2030, USD Million
- By Application
- Individuals- Market Size & Forecast 2020-2030, USD Million
- Businesses- Market Size & Forecast 2020-2030, USD Million
- By End User
- Retail & E-commerce- Market Size & Forecast 2020-2030, USD Million
- Hospitality & Travel- Market Size & Forecast 2020-2030, USD Million
- Food & Beverages- Market Size & Forecast 2020-2030, USD Million
- Healthcare- Market Size & Forecast 2020-2030, USD Million
- Transportation- Market Size & Forecast 2020-2030, USD Million
- Utilities & Bills- Market Size & Forecast 2020-2030, USD Million
- Entertainment & Media- Market Size & Forecast 2020-2030, USD Million
- Others
- By Region
- Atlantic Canada
- Central Canada
- The Prairie Provinces
- The West Coast
- The North
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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.
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