Canada Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Canada Mobile Payments Market is segmented by Type (Proximity Payment, Remote Payment).

Canada Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Canada Mobile Payments Market Size

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Canada Mobile Payments Market Size
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 13.28 %
Market Concentration Medium

Major Players

Canada Mobile Payments Market Key Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Canada Mobile Payments Market with other markets in Technology, Media and Telecom Industry

Automation

Digital Commerce

Electronics

Information Technology

Media and Entertainment

Security & Surveillance

Canada Mobile Payments Market Analysis

The Canada Mobile Payments Market is expected to register a CAGR of 13.28% during the forecast period.

  • Mobile phones, especially smartphones, have evolved into a necessary component of a person's life as a result of the nation's economy's fast growth. Additionally, the majority of people worldwide now depend on the internet for most of their daily activities. This led to a large surge in the market for mobile payments as smartphones and internet users spread around the region.
  • Many industry participants, like Starbucks, etc., use reward systems to both retain existing mobile payment service users and attract new ones. In order to facilitate transactions through their applications, several service providers, for instance, provide scratch cards that are loaded with a specific amount. Such compensation schemes encourage customers to use mobile payment apps, which boosts the market for mobile payments.
  • The market for mobile payments is expected to expand over the course of the forecast period as a result of the growing popularity of M-commerce, which entails doing online business utilising wireless devices like smartphones. For instance, as contactless payments become more popular in Canada, Samsung Pay is expanding. Card issuers in Canada upped contactless transaction limits from USD 100 to USD 250 last year in an effort to promote higher usage of contactless payments as a quick and secure payment alternative. Nearly 60% of all purchases nationwide at the beginning of 2021 were made using contactless payments.
  • Additionally, M-commerce enables consumers to transact anywhere there is wireless internet access. Additionally, businesses like Apple Pay and PayPal have already debuted their mobile commerce offerings. Customers can now instantly make in-store purchases without the hassle of swiping a card thanks to the introduction of digital wallets like Samsung Pay, Starbucks etc.
  • The market for mobile payments is growing, but is being constrained by rising data breaches and security problems. Additionally, due to worries about security and unlawful use of personal data, many customers are hesitant to accept the new technology.
  • Contactless payment transactions increased as a result of the epidemic. As more Canadians avoided handling currency and touching payment terminals at the point-of-sale, there was a 13% rise in volume in 2020 and a 10% increase in value from 2019. (POS). The availability of contactless and digital payment choices has risen, the contactless transaction limits have been raised from USD 100 to USD 250, and PayPal has introduced additional payment methods including QR codes, all of which have contributed to the expansion of contactless.
  • As more Canadians switched from cash to digital and contactless payments due to the COVID-19 epidemic, paper transactions continued to fall. Both the amount and volume of cash transactions both fell by about 16% in 2020 from 2019, as stated by Payments Canada.

Canada Mobile Payments Industry Overview

The Canada mobile payments market is moderately fragmented and consists of several major players. The major players with a prominent share in the market such as Apple Pay, Google Pay, PayPal, CIBC, Samsung Pay, etc., are focusing on expanding their customer base across foreign countries through the adoption of various technologies.

  • September 2021 - Samsung Electronics Canada Inc. (Samsung) announced that eligible TD cards, including TD Access Cards and TD Credit Cards, are now supported by Samsung Pay, the widely accepted mobile payment system that works almost anywhere shoppers can swipe or tap their card. This collaboration with TD significantly expands the availability of Samsung Pay to Canadian cardholders.
  • April 2022 - Klarna, a digital retail bank, and BNPL firm is extending its global partnership with cross-border eCommerce provider Global-e to expand its installment payment services to Canada. Merchants selling in Canada using Global-e's platform can now use Klarna's installment payment options.

Canada Mobile Payments Market Leaders

  1. Apple Pay

  2. PayPal

  3. Google Pay

  4. Samsung Pay

  5. Canadian Imperial Bank of Commerce

  6. *Disclaimer: Major Players sorted in no particular order
Apple Pay, PayPal, Google Pay, Samsung Pay, Canadian Imperial Bank of Commerce
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Canada Mobile Payments Market News

  • April 2022 - Payments Canada announced the selection of Tata Consultancy Services (TCS), a prominent global IT services, consulting and business solutions organization, as the integration lead for Canada's real-time payment system, the Real-Time Rail (RTR). TCS will help plan and orchestrate activities with industry stakeholders relating to the integration of the components of the RTR and the deployment of the new system.
  • September 2021 - PayPal announced the new PayPal app, an all-in-one, a personalized app that offers customers the best place to manage their financial lives. The new PayPal app will introduce new features including PayPal Savings, new high-yield savings account provided by Synchrony Bank, alongside new in-app shopping tools that will enable customers to earn rewards redeemable for cash back or PayPal shopping credit and uncover deals with hundreds of merchants.

Canada Mobile Payments Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Market Sizing and Estimates of Canada Mobile Payments Market
  • 4.3 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Assessment of COVID-19 Impact on the Market

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Increasing Internet Penetration and Growing M-commerce Market
    • 5.1.2 Increasing Number of Loyality Benefits in Mobile Environment
  • 5.2 Market Restraints
    • 5.2.1 Security Issues Associated with Mobile Payments
  • 5.3 Market Opportunities
  • 5.4 Key Regulations and Standards in the Mobile Payments Industry
  • 5.5 Analysis of Business Models in the Industry
  • 5.6 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
  • 5.7 Commentary on the growth of Mobile Commerce and its influence on the Market

6. MARKET SEGMENTATION

  • 6.1 By Type
    • 6.1.1 Proximity Payment
    • 6.1.2 Remote Payment

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Apple Pay
    • 7.1.2 PayPal
    • 7.1.3 Google Pay
    • 7.1.4 Samsung Pay
    • 7.1.5 Canadian Imperial Bank of Commerce
    • 7.1.6 Starbucks
    • 7.1.7 Royal Bank of Canada
    • 7.1.8 UGO Wallet
  • *List Not Exhaustive

8. INVESTMENT ANALYSIS

9. FUTURE OUTLOOK OF THE MARKET

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Canada Mobile Payments Industry Segmentation

Mobile payment is a money payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks the application of mobile payment based on transaction type which is Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, providing support for Canada's mobile payments market estimates and growth rates throughout the anticipated period. The study looks at COVID-19's overall influence on Canada's payment ecosystem.

By Type Proximity Payment
Remote Payment
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Canada Mobile Payments Market Research FAQs

What is the current Canada Mobile Payments Market size?

The Canada Mobile Payments Market is projected to register a CAGR of 13.28% during the forecast period (2025-2030)

Who are the key players in Canada Mobile Payments Market?

Apple Pay, PayPal, Google Pay, Samsung Pay and Canadian Imperial Bank of Commerce are the major companies operating in the Canada Mobile Payments Market.

What years does this Canada Mobile Payments Market cover?

The report covers the Canada Mobile Payments Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Canada Mobile Payments Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Canada Mobile Payments Industry Report

Statistics for the 2025 Canada Mobile Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Mobile Payments analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.