Slow adoption in the Canadian proximity mobile payment market is mainly due to a mature contactless card ecosystem and expensive mobile data. These conditions aren’t set to change in the next several years as customers largely remain locked into their payment habits.
To overcome stalling user growth, wallet providers are likely to adopt a strategy of increasing customer engagement by improving the user experience and targeting key demographics.
Key Question: How can Canadian banks, payment networks, and wallet providers generate growth through increased customer engagement?
KEY STAT: Proximity mobile payment services will see growth stagnate following the first two years of the pandemic, adding just 1.0 million users between 2022 and 2026.
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