Spotlight

Canada Proximity Mobile Payments Forecast 2022

What’s Next in a Market Where Providers Seek to Overcome Stagnating Growth

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About This Report
Proximity mobile payment growth in Canada is stagnant, posing a challenge for providers. We expect them to counter this trend by boosting customer engagement rather than seeking out new users.
Table of Contents

Executive Summary

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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Table of Contents

  1. Executive Summary
  2. Canadian Proximity Mobile Payments: Why Aren’t They Taking Off?
  3. Obstacles to Canadian Proximity Mobile Payment Growth
  1. How Wallet Providers Will Increase Proximity Mobile Payments’ Appeal
  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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