Canada Digital Wallet Market Size, Share, COVID-19 Impact, Opportunities And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others) - Forecasts From 2022 To 2027

Canada’s Digital Wallet market size was US$1.429 billion in 2020. The rising use of smartphones and the growing penetration of internet connectivity are the primary drivers of Canada's digital market. More than half of the Canadian population uses 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 retailers' investments in digital platforms 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 iOS and Android.

With growing digitalization, banks partner with digital wallet companies to provide a better customer experience. In April 2018, Samsung Pay expanded its customer base in Canada by joining 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’s D digital wallet market has been segmented based on the device and application. The market has been segmented as PCs, /laptops, and smartphones by the device. By application, the Canadian digital wallet market has been classified into Money transfer, recharge, movie booking, food ordering, and others.

Covid -19 Impact On Canada Digital Wallet Market

The disease outbreak encouraged cashless payments and digital wallets into the public consciousness, triggering a chain reaction of consequences. One of the developments identified as a trend accelerator was increased electronic payment usage. The continuing need for hygiene standards at checkout, combined with increased demand for more convenient ways to shop on mobile, obtain stimulus verifications, and donate to social causes, has significantly boosted core sections of digital payments, such as mobile closeness payments and digital wallets, and P2P payments. While the covid-19 will eventually pass, the effects on payments and financial services will be long-lasting, growing the market for the digital wallet in Canada.

Major Development

In February 2022, Digital Wallet Group, a Japan-based International IT and financial technology company launched Smiles Mobile Remittance, the group's international fund transfer app, in the Canadian market. DWG's subsidiary, Digital Wallet Corporation, is the founder and operator of Smiles Mobile Remittance, Japan's most popular international mobile remittance app

In July 2021, Ceridian has announced the opening of Dayforce Wallet in Canada, a pay system that provides employees with on-demand availability to their earnings at no cost to either the employer or the employee. Dayforce Wallet is an outgrowth of Ceridian's brand cloud human capital management framework, Dayforce, which determines employees' earned wages net of taxes and deductions in real-time. 

Segmentation

• By Device
  • PC/Laptops
  • Smartphones
• By Application
  • Money Transfer
  • Recharge
  • Movie Booking
  • Food Ordering
  • Others