Canada Mobile Payments Forecast 2021

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

Global Mobile Payments Forecast 2021

Forecasts for three markets: Canada, China, and UK

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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.
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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.

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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authors

Jaime Toplin

Contributors

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