Canada Digital Wallet Market

Canada Digital Wallet Market Overview:

The Canada digital wallet market is projected to exhibit a growth rate (CAGR) of 14.20% during ​2024-2032​. There are numerous factors that are driving the market, which include the rising adoption of mobile phones, ease of internet facilities, thriving e-commerce sector, and increasing focus on enhancing security and convenience.  

Canada Digital Wallet Market Trends:

Rising Adoption of Mobile Phones

As per the Statscounter, the share of iPhone and Samsung users in January 2024 were 60.43% and 24.23% respectively. Smartphones are main platforms for digital wallets, allowing users to make transactions at any time and place, improving convenience and usability. Modern smartphones come with sophisticated functions like biometric authentication, near-field communication (NFC), and high-speed internet connections. These characteristics improve the user's experience, increasing the security and efficiency of digital wallets. Furthermore, a growing number of consumers prefer using mobile devices for a variety of tasks like bill paying, banking, and shopping. The acceptance of digital wallets as a practical means of payment is a continuation of this behavioral shift. In addition, quick response (QR) code payments, in-app purchases, and compatibility with other mobile applications are among the features that attract a wide range of individuals. A variety of financial services such as bill payment, money transfers, and microloans, can be provided using digital wallets, which promotes greater financial inclusion.  

Thriving E-Commerce Sector

Digital wallets offer a convenient, fast, and secure payment method for e-commerce transactions, making them a preferred choice for many online shoppers. The seamless integration of digital wallets into e-commerce platforms enhances user experience and encourages frequent usage. People are becoming more comfortable with making purchases online, and digital wallets, with their robust security features like encryption and tokenization. These features play a crucial role in enhancing confidence among a large consumer base. Additionally, e-commerce transactions require quick and efficient payment methods. Digital wallets provide this convenience by allowing users to store their payment information securely and complete transactions with just a few clicks. This speed and ease of use are significant advantages in the fast-paced e-commerce environment. Furthermore, e-commerce platforms often collaborate with digital wallet providers to offer exclusive deals, discounts, and cashback offers to customers using digital wallets. These incentives drive the adoption of digital wallets among online shoppers looking for the best deals. According to the ECDB, the Canadian e-commerce market is predicted to hit US$ 62,103.3 million by 2024.

Canada Digital Wallet Market News:

• 19 January 2023: Samsung Electronics announced that Samsung Wallet will be available in eight new markets including Canada, Australia, Brazil, Hong Kong, India, Malaysia, Singapore, and Taiwan. Samsung Wallet is a more secure and go-everywhere app to conveniently organize and use daily essentials.
• 23 May 2024: Apple launched ‘Tap to Pay’ on iPhone in Canada, empowering millions of merchants to use iPhone to accept in-person contactless payments seamlessly and securely. Tap to Pay on iPhone makes it easy for businesses of any size to accept payments from contactless credit and debit cards, Apple Pay, and other digital wallets using only their iPhone and a partner-enabled iOS app with no additional hardware or payment terminal required. 
   

Canada Digital Wallet Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type, deployment type, and industry vertical.

Type Insights:

• Proximity
• Remote
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes proximity and remote.

Deployment Type Insights:

• On-Premises
• Cloud
   

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes on-premises and cloud.

Industry Vertical Insights:

• Education
• Gaming
• Information Technology and Telecommunications
• Aerospace and Defense
• Legal
• Media and Entertainment
• Automotive
• Banking Financial Services and Insurance
• Consumer Goods
• Others
   

The report has provided a detailed breakup and analysis of the market based on the Industry Vertical. This includes education, gaming, information technology and telecommunications, aerospace and defense, legal, media and entertainment, automotive, banking financial services and insurance, consumer goods, and others.

Regional Insights:

• Ontario
• Quebec
• Alberta
• British Columbia
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Ontario, Quebec, Alberta, British Columbia, Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Canada Digital Wallet Market Report Coverage:

Key Questions Answered in This Report:

• How has the Canada digital wallet market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Canada digital wallet market?
• What is the breakup of the Canada digital wallet market on the basis of type?
• What is the breakup of the Canada digital wallet market on the basis of deployment type?
• What is the breakup of the Canada digital wallet market on the basis of industry vertical?
• What are the various stages in the value chain of the Canada digital wallet market? 
• What are the key driving factors and challenges in the Canada digital wallet?
• What is the structure of the Canada digital wallet market and who are the key players?
• What is the degree of competition in the Canada digital wallet market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Canada digital wallet market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Canada digital wallet market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Canada digital wallet industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.