The number of social network users in Canada continues to climb, as a wider variety of platforms become available that can satisfy user appetites for information, entertainment, and personal expression.
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.
Wallet providers are working to pull UK consumers from contactless physical card payments and cement users who moved away from cash during the pandemic. In Canada, mobile proximity payment adoption will tick up from 25.1% this year to 28.1% through 2025. Mobile P2P adoption—also often bank-based—will grow from just under a third of Canadian consumers this year to 36.0% in 2025.