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Canada P2P Payments Forecast 2023
How Banking Apps and Digital Wallets Can Drive Usage Despite Dwindling Growth
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?
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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.
authors
Grace Broadbent
Contributors
- Eleni Digalaki
- Principal Analyst
- Chris Keating
- Director, Research
- David Morris
- Principal Analyst
- Andrew Spink
- Forecasting Analyst
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