Canada Digital Wallet Market to Grow at 14.20% CAGR by 2032| IMARC Group

Canada Digital Wallet Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 14.20% (2024-2032)

The growth of the Canada digital wallet market is being influenced by several significant factors, starting with the increased penetration of smartphones and internet connectivity across the country. According to the latest report by IMARC Group, the market is projected to exhibit a growth rate (CAGR) of 14.20% during ​2024-2032​.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/canada-digital-wallet-market/requestsample

Canada Digital Wallet Industry Trends and Drivers:

  • Increased Connectivity and Smartphone Adoption

    • As more Canadians gain access to high-speed internet and adopt smartphones, the demand for mobile payment solutions has surged.
    • This growth in connectivity allows users to access digital wallets conveniently, accelerating the shift from traditional payment methods like cash and credit cards to mobile and online payments.
    • The ability to use a single app to store various payment methods, loyalty cards, and even digital IDs appeals to a tech-savvy population that values efficiency and simplicity.

  • Impact of the Pandemic

    • The pandemic has accelerated the need for contactless payment options, with digital wallets providing a safer and more hygienic alternative.
    • As a result, there has been wider adoption of digital wallets by both consumers and merchants.

  • Growing Trust in Fintech Solutions

    • Canadians are increasingly comfortable using digital financial services due to enhanced security measures such as multi-factor authentication and biometric verification, which help reduce concerns about fraud and identity theft.
    • The collaboration between financial institutions, technology companies, and fintech startups has expanded the digital wallet market by offering integrated services that meet evolving consumer needs.

  • Role of Financial Institutions

    • Financial institutions now offer their digital wallet solutions, such as bank-linked payment apps, which align with the preferences of Canadian consumers who generally trust established banking brands.

  • Rise of Peer-to-Peer (P2P) Payment Platforms

    • The adoption of digital wallets is driven by the popularity of P2P payment platforms in Canada, as more individuals conduct personal transactions online.
    • Digital wallets with P2P payment features are increasingly used for activities like splitting bills, sending money to friends and family, and paying for services.
    • Integration with social platforms and messaging apps facilitates easy money transfers without requiring traditional bank transfers.

  • Government Initiatives and Regulatory Support

    • Government-backed initiatives promoting digital payment systems, along with regulatory frameworks ensuring security and data protection, have strengthened consumer confidence in digital wallets.
    • These factors contribute to the ongoing expansion of the digital wallet market in Canada.

Canada Digital Wallet Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Canada digital wallet market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

Type Insights:

  • Proximity
  • Remote

Deployment Type Insights:

  • On-Premises
  • Cloud

Industry Vertical Insights:

  • Education
  • Gaming
  • Information Technology and Telecommunications
  • Aerospace and Defense
  • Legal
  • Media and Entertainment
  • Automotive
  • Banking Financial Services and Insurance
  • Consumer Goods
  • Others

Regional Insights:

  • Ontario
  • Quebec
  • Alberta
  • British Columbia
  • Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Ask Our Expert & Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=23952&flag=C

Key highlights of the Report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Strategic Recommendations
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us:  

IMARC Group 

134 N 4th St. Brooklyn, NY 11249, USA 

Email: sales@imarcgroup.com 

Tel No:(D) +91 120 433 0800 

United States: +1-631-791-1145

 

 

 

 

 

Comments

Post a Comment

Popular posts from this blog

Smart Medical Devices Market Size, Share, Growth Analysis, Report 2024-2032

Image
Global Smart Medical Devices Market Overview 2024-2032 The global smart medical devices market size reached US$ 43.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.7% during 2024-2032. The rising technological advancements in smart medical medicals are propelling the growth of the market. Advancements in sensors, wearables, artificial intelligence (AI), and the Internet of Things (IoT) are empowering medical devices to collect, process, and transmit real-time health data. This technological evolution enhances the capabilities of smart medical devices, making them more accurate, efficient, and user-friendly. The popularity of telemedicine is increasing the development of smart devices that facilitate virtual consultations and remote healthcare services. This includes devices for measuring vital signs, conducting virtual examinations, and even performing certain diagnostic tests at home. The global
Read more

Brazil Office Furniture Market Size, Share, Industry Growth, Report 2024-32

Image
Brazil Office Furniture Market Overview 2024-2032  The latest report by IMARC Group, titled “ Brazil Office Furniture Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 “, offers a comprehensive analysis of the industry, which comprises insights on the Brazil office furniture market growth . The market is projected to exhibit a growth rate (CAGR) of 9.05% during 2024-2032. Office furniture encompasses a wide range of furnishings designed specifically for workplace environments. These include desks, chairs, filing cabinets, conference tables, and storage units, all tailored to enhance functionality and comfort in office settings. Additionally, ergonomic considerations are paramount in modern office furniture to promote health and productivity among employees. Also, the Materials range from wood and metal to innovative composites, often chosen for durability and aesthetic appeal. Office furniture also reflects the evolving nature of workspaces, incorporating
Read more

Interactive Kiosk Market Size, Share, Growth Analysis, Forecast 2023-2028

Image
Global Interactive Kiosk Market Overview 2023-2028 IMARC Group, a leading market research company, has recently releases report titled “Interactive Kiosk Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global   interactive kiosk market share , size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. The global interactive kiosk market size reached US$ 30.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.4% during 2023-2028. An interactive kiosk is a self-service machine or terminal that allows users to access information, complete transactions, or perform tasks through a user-friendly touch screen interface. It is accessible round the clock, allowing individuals to interact with businesses at their
Read more