As per MRFR analysis, the Canada Mobile Payments Market Size was estimated at 201.6 (USD Million) in 2023.The Canada Mobile Payments Market Industry is expected to grow from 229.6(USD Million) in 2024 to 1,150 (USD Million) by 2035. The Canada Mobile Payments Market CAGR (growth rate) is expected to be around 15.774% during the forecast period (2025 - 2035).
The Canada Mobile Payments Market has been witnessing significant growth and evolution in recent times, driven by several key market drivers. The increasing penetration of smartphones and mobile devices across Canada is a major factor contributing to the rise of mobile payments. With a high percentage of Canadians owning smartphones, businesses and consumers alike are embracing mobile payment solutions for their convenience and efficiency. Furthermore, the ongoing digital transformation, accelerated by the pandemic, has led to a shift in consumer preferences towards contactless payment options.Â
Government initiatives aimed at promoting digital transactions and enhancing financial inclusion are also supportive of this trend. Moreover, opportunities to be explored in the Canadian mobile payments sector include the integration of advanced technologies such as blockchain and artificial intelligence. These technologies can improve transaction security and enhance user experiences, making mobile payments more attractive to consumers. Additionally, as more Canadians shop online and seek frictionless payment solutions, there is a growing demand for innovative payment apps and services that cater to this need.Â
Trends in recent times indicate that businesses are increasingly adopting mobile payment solutions, with retailers and service providers offering more options for customers to pay via their mobile devices.As fintech companies innovate and collaborate with traditional banks, competition will likely lead to better services and broader adoption of mobile payments throughout Canada. Furthermore, the Canadian government has been actively promoting open banking, which could create further opportunities for mobile payment solutions to flourish and integrate with a wider range of financial services, thus enhancing the overall ecosystem of mobile payments in Canada.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
According to Statistics Canada, 88% of Canadians aged 15 and older possessed a smartphone in 2022, reflecting the country's strong increase in smartphone adoption. Since mobile payments mostly depend on smartphone use, this widespread smartphone adoption serves as a major driver for the Canada mobile payments market industry. By making mobile payments accessible and easy to use, big businesses like Apple and Google have helped to fuel this rise with their payment systems, Apple Pay and Google Pay.Â
Additionally, more people are being pushed to use contactless payments as a result of the Canadian government's emphasis on digital transformation. It is anticipated that this trend will continue, creating a comfortable payment ecosystem and boosting the number of mobile payments. There will certainly be a significant rise in mobile transactions in the Canadian market as more consumers grow accustomed to technology and favor mobile payment methods.
The rise of e-commerce in Canada has significantly influenced the growth of the Canada Mobile Payments Market Industry. According to the Canada Post E-Commerce Index, online shopping has surged, with 70% of Canadians shopping online in 2021, an increase from previous years. This trend mandates efficient mobile payment solutions to facilitate consumer spending.Â
E-commerce giants like Amazon and local retailers have increasingly integrated mobile payment systems to streamline transactions.This shift not only illustrates consumer behavior towards digital payment options but also aligns with the Canadian government's initiatives to enhance the digital economy. The increasing convenience of mobile payments in e-commerce is expected to further cater to this growing demand and provide a substantial boost to mobile payment solutions across Canada.
Canadian banks are rapidly adopting and promoting mobile payment solutions, spurred by consumer demand for faster and more secure payment methods. The Canadian Bankers Association reported that mobile banking usage increased by 22% in 2021. Banks such as the Royal Bank of Canada and Toronto-Dominion Bank are launching initiatives to educate consumers on mobile payment benefits and ensure security in mobile transactions.Â
These established financial institutions play a crucial role in enhancing consumer trust and convenience in mobile payments.With these institutions encouraging the integration of mobile payment systems within their banking apps, user engagement is expected to rise, propelling overall usage in the Canada Mobile Payments Market Industry.
The Canada Mobile Payments Market has witnessed considerable growth, particularly within the Transaction Type segment, which encompasses various forms of payment methods utilized by consumers and businesses alike. This landscape has been shaped by the increasing adoption of mobile technology and changing consumer preferences toward digital transactions, driven by convenience and accessibility. Notably, remote payments have become highly favored as they allow users to make purchases from the comfort of their homes, tapping into the growing trend of e-commerce in Canada.Â
Similarly, proximity payments have seen significant traction, particularly in urban areas, as they facilitate quick and cashless transactions at retail locations through near-field communication technology. In-app payments have also emerged as a critical aspect of the Canada Mobile Payments Market, driven by the rapid proliferation of mobile applications catering to various services, including ride-sharing, food delivery, and e-commerce. These in-app transactions often provide a seamless user experience, reinforcing customer loyalty and streamlining purchasing processes. Furthermore, person-to-person payments are gaining prominence as Canadians embrace social payment applications, allowing individuals to transfer money immediately between peers for various purposes, from splitting bills to sending gifts.Â
The growth dynamics of these transaction types are influenced by several factors, including advancements in technology, increased smartphone penetration, and enhanced security measures that build user trust. The increasing emphasis on contactless payments has also significantly boosted user adoption across all types. Regulatory support and efforts to improve financial inclusivity within Canada further enhance the mobile payments ecosystem, providing opportunities for a broader demographic to engage with these transaction methods.Â
As the market continues evolving, trends like the integration of blockchain technology and cryptocurrency variance may further reshape the landscape, positioning Canada as a forerunner in the mobile payments space. The different transaction types collectively represent not just a transformation in how Canadians transact but also indicate a shift toward an increasingly digital economy, making them significant for both consumers and businesses navigating the ever-changing market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Canada Mobile Payments Market, particularly in the Payment Method segment, has shown considerable growth and diversification in recent years. Credit Cards remain a dominant form of transaction due to their widespread acceptance and consumer familiarity, acting as a vital driver of market revenue. Debit Cards, on the other hand, provide a direct connection to bank accounts and are increasingly favored for their convenience and security, appealing to a budget-conscious consumer base.Â
Mobile Wallets have emerged as a significant innovation, driven by technological advancements and consumer preferences for contactless and digital solutions, making them essential in enhancing user experience and satisfaction.Bank Transfers, with their reliable nature, continue to play a crucial role, especially for larger transactions or business-to-business payments. As Canadian consumers increasingly adopt digital financial solutions, the emphasis on enhancing security and user experience across all payment methods is becoming paramount, reflecting broader trends towards convenience, speed, and safety in the Canada Mobile Payments Market.
The Canada Mobile Payments Market has been experiencing significant evolution, particularly in the End User segment, which includes Retail Consumers, Businesses, and Government entities. Retail Consumers have increasingly embraced mobile payment solutions due to the convenience and speed they offer, aligning with the growing trend of contactless transactions. Businesses are leveraging mobile payments to enhance customer experience, streamline operations, and, as a result, improve sales efficiency.Â
The Government segment plays a crucial role in fostering this transition by investing in digital infrastructure and promoting policies that encourage mobile payment adoption.As mobile payments grow, Canada is witnessing a rise in trust and security measures, which further bolsters consumer confidence. With technological advancements and changing consumer preferences, the mobile payments landscape in Canada continues to expand, offering numerous opportunities for stakeholders across these segments. This transformation is also supported by the broader trend of digitalization and the increasing penetration of smartphones across the nation, benefiting all users involved in the Canadian Mobile Payments Market.
The Platform segment of the Canada Mobile Payments Market reflects a diverse ecosystem that accommodates various operating systems such as Android, iOS, and Web-Based applications. With the rapid evolution of mobile technology and the increasing adoption of smartphones, particularly in urban areas of Canada, the relevance of these platforms continues to grow substantially. Android, with its significant user base, leads in terms of versatility and accessibility, appealing to a wide range of users, while iOS enhances the mobile payment experience with robust security features and a seamless user interface, making it particularly preferred by high-income demographics.
Web-Based platforms play a crucial role by offering businesses an alternative to app-based systems, allowing for a broader reach across different devices and encouraging customer engagement through convenience. Recent trends indicate that consumers in Canada favor integrated payment solutions that streamline transactions, highlighting the importance of these platforms in driving modern payment behaviors.Â
Enhancements in technology, including biometric authentication and blockchain integration, present opportunities for advancements within this segment, further solidifying its significance in the rapidly evolving landscape of mobile payments.As Canadians gravitate toward digital solutions for transactions, the importance of robust and user-friendly platforms becomes even more critical in shaping the future of the mobile payments industry.
The Canada Mobile Payments Market has experienced significant growth driven by technological advancements, a surge in consumer demand for convenient payment solutions, and the increasing adoption of smartphones. The competitive landscape is characterized by a mix of traditional banks, fintech companies, and digital payment platforms, all vying for a larger share of this dynamic market. As consumers increasingly prioritize contactless payments and digital wallets, companies are innovating rapidly to enhance user experience and security features. This competitive environment poses both opportunities and challenges, as firms must not only differentiate their offerings but also address regulatory requirements and consumer concerns related to data security and privacy.
CIBC holds a strong position in the Canada Mobile Payments Market, leveraging its extensive experience in banking and financial services. The company's approach emphasizes convenience and security, which has fostered trust among consumers. CIBC offers a range of mobile payment solutions that allow users to perform transactions smoothly through their smartphones, catering to both individual and business needs. The bank has invested in enhancing its mobile banking app, including features such as interbank transfers and integration with various loyalty programs. Furthermore, CIBC's partnerships with technology firms have bolstered its technological capabilities, allowing the bank to stay ahead of emerging trends and meet customer expectations effectively.Â
Such strengths have positioned CIBC advantageously in a competitive landscape where customer service and innovation are key differentiators.TorontoDominion Bank is another major player in the Canada Mobile Payments Market, renowned for its commitment to providing seamless banking experiences through innovative technology. The bank has developed an array of mobile payment services, such as digital wallets and mobile banking features, aimed at simplifying transactions for its customers.Â
TorontoDominion Bank's strengths lie in its extensive branch network and robust online presence, which have helped the institution maintain a strong customer base. Additionally, the bank has pursued strategic mergers and acquisitions to enhance its capabilities in digital banking, allowing it to integrate new technologies faster and expand its service offerings. This focused approach has enabled TorontoDominion Bank to compete effectively while continuously improving its solutions, thus solidifying its reputation in the Canadian market. The bank's emphasis on customer satisfaction, security, and innovative technologies ensures it remains a formidable contender in the evolving mobile payments landscape.
The Canada Mobile Payments Market has recently experienced significant developments, particularly with the ongoing push towards digital payment solutions in the wake of the COVID-19 pandemic. In September 2023, Toronto-Dominion Bank launched a new mobile payment app that integrates loyalty reward systems, aimed at enhancing customer experience and engagement.Â
Additionally, in August 2023, Canadian Imperial Bank of Commerce announced a partnership with PayPal to streamline cross-border payments for its customers, reflecting a broader trend in enhancing international payment capabilities. In terms of major acquisitions, Scotiabank acquired a fintech firm in July 2023 to bolster its mobile payment offerings, signaling a strategic move to expand its digital services.Â
The rapid growth of mobile payment solutions has also been fueled by companies like Apple and Google, which have intensified their efforts to capture market share through innovative payment technologies. Over the past couple of years, Interac has become a pioneer in expanding mobile payment frameworks, enabling seamless transactions across various platforms. As these companies continue to evolve, the competition in the Canadian mobile payments space remains fierce, driving advancements and adoption among consumers and businesses alike.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 201.6(USD Million) |
| MARKET SIZE 2024 | 229.6(USD Million) |
| MARKET SIZE 2035 | 1150.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 15.774% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | CIBC, TorontoDominion Bank, Scotiabank, American Express, Alipay, Royal Bank of Canada, Visa, Square, PayPal, Apple, Interac, Mastercard, Google, Samsung, WeChat Pay |
| SEGMENTS COVERED | Transaction Type, Payment Method, End User, Platform |
| KEY MARKET OPPORTUNITIES | Growing smartphone penetration, Increasing merchant adoption, Rise of contactless payments, Demand for enhanced security, Integration with loyalty programs |
| KEY MARKET DYNAMICS | Increasing smartphone penetration, Rising consumer demand, Technological advancements, Enhanced security features, Supportive government regulations |
| COUNTRIES COVERED | Canada |
Frequently Asked Questions (FAQ) :
The Canada Mobile Payments Market is expected to reach a valuation of 229.6 million USD in 2024.
By 2035, the market is expected to grow significantly to a value of 1150.0 million USD.
The market is projected to grow at a compound annual growth rate of 15.774% from 2025 to 2035.
Remote Payments dominate the market in 2024 with a projected value of 91.0 million USD.
Proximity Payments are valued at 49.6 million USD in 2024 and expected to rise to 248.0 million USD by 2035.
In-App Payments are expected to grow from 56.0 million USD in 2024 to 280.0 million USD by 2035.
The market for Person-to-Person Payments is projected to reach 167.0 million USD by 2035.
Major players in the market include CIBC, Toronto-Dominion Bank, Scotiabank, American Express, and PayPal among others.
The expected growth in mobile technology use presents significant opportunities for expanding mobile payment services.
Current global financial trends and digital transformation are anticipated to drive further growth in the Canada Mobile Payments Market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
