Spotlight

Canada Peer-to-Peer Mobile Payments Forecast 2022

How Wallet Providers and Banks Can Find Growth in a Stagnant Market

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About This Report
Low adoption and stagnating growth are driving peer-to-peer mobile payment providers to make their services more accessible and attractive to increase engagement within the existing user base.
Table of Contents

Executive Summary

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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Table of Contents

  1. Executive Summary
  2. Seeking: Canadian P2P Mobile Payment Adoption
  3. Factors Holding Back Canadian P2P Mobile Payment Growth
  1. Providers Pivot to Customer Engagement Growth
  2. Read Next
  3. Sources
  1. Media Gallery

Read This With Insider Intelligence

authors

Jaime Toplin

Contributors

Paul Briggs
Principal Analyst
Daniel Decea
Researcher, Financial Services
Vivian Dong
Associate Forecasting Analyst
David Morris
Principal Analyst
Daniel Van Dyke
VP, Content
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