01 Oct Canada Mobile Wallet and Payment Market to Witness 11.50% CAGR until 2032
Canada Mobile Wallet and Payment Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 11.50% (2024-2032)
According to the latest report by IMARC Group, the Canada mobile wallet and payment market size is projected to exhibit a growth rate (CAGR) of 11.50% during 2024-2032. Key trends in the market include the focus on security and data protection, with providers investing heavily in encryption and fraud prevention technologies to build trust among users.
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Canada Mobile Wallet and Payment Industry Trends and Drivers:
- Surge in Contactless Payments
- Increased hygiene concerns during the pandemic led to a rise in contactless payments.
- Retailers and service providers adopted near-field communication (NFC) technology for tap-to-pay transactions.
- The growing integration of loyalty programs and rewards within mobile wallets boosts customer engagement.
- Rise of Peer-to-Peer Payment Solutions
- The market is witnessing increased use of peer-to-peer payment apps, enabling instant fund transfers.
- Peer-to-peer solutions are particularly appealing to younger generations.
- Smartphone Adoption and Digital Payment Growth
- Rising adoption of smartphones and increased use of digital payment methods are key drivers.
- Urbanization and demographic shifts are contributing to the growth, especially in major cities like Toronto, Vancouver, and Montreal.
- Increasing Accessibility of Digital Payments
- High-speed internet and mobile network penetration make digital payments more accessible and reliable.
- Government initiatives promoting a cashless economy and more businesses accepting mobile payments support market growth.
- Secure and User-Friendly Payment Platforms
- Platforms like Apple Pay, Google Pay, and Samsung Pay enhance consumer confidence in mobile wallets.
- The rise of e-commerce, especially during the COVID-19 pandemic, has accelerated the use of digital payments over traditional methods.
Canada Mobile Wallet and Payment Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Proximity
- Remote
Application Insights:
- Retail
- Hospitality and Transportation
- Telecommunication
- Healthcare
- Others
Regional Insights:
- Ontario
- Quebec
- Alberta
- British Columbia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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