Canadian peer-to-peer (P2P) mobile payment adoption has almost stalled—and remains at a low level—despite a mature mobile financial services ecosystem. This stagnation is the result of a monopoly that has inhibited innovation, and of unsatisfactory user experiences that lead customers to prefer online transfers to mobile.
To thrive in such market conditions, providers will likely court potential users by improving the user experience, then drive customer engagement through adding new features and transaction-related use cases.
Key Question: How will Canadian banks, payment networks, and wallet providers drive P2P mobile payment growth in a market where adoption is stalling?
KEY STAT: P2P mobile payment services will add 1.5 million users between 2022 and 2026. This growth falls well below the mobile banking figure, pushing providers to try to close the gap while driving engagement.
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