Canada Digital Wallet market was valued at US$385.862 million in 2019. Rising use of smartphones and growing penetration of internet connectivity is the major driver of the digital market in Canada. More than half of the Canadian population is using their mobile devices to make payments or transfer money. The rapidly growing e-commerce industry in Canada is also fuelling the adoption of digital wallets among Canadians to make payments for every purchase they make. This growth is further supported by increasing investments by retailers in digital platforms so as to reach a vast majority of customers across the country. Market players are also expanding their reach in the Canadian digital wallet market, thereby bolstering its overall growth. For example, in 2017, Paytm launched its bill payment service in Canada, available on both iOS and Android in the country.
With growing digitalization, banks are also partnering with digital wallet companies in order to provide a better customer experience. In April 2018, Samsung Pay expanded its customer base in Canada by joining with the Royal Bank of Canada (RBC) personal payment cards supported by the mobile payment system. The company’s existing partners in Canada include American Express Canada, Canadian Imperial Bank of Commerce (CIBC), Scotiabank, Interac Debit, ATB Financial, Mastercard, and Visa Canada. In May 2018, Visa and PayPal announced the extension of their partnership in Canada to accelerate the adoption of reliable, convenient, and secure digital and mobile payments for both consumers and merchants in the country.
Canada Digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Canada digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.