Digital Payments - Canada

Canada

The [currentlayername] market canada is expected to see a significant growth in the coming years.
According to projections, the total transaction value in this market is estimated to reach [revenueyeartoday] by 2024.
This indicates a promising future for the digital payment industry in the country.
Furthermore, it is anticipated that the market will continue to grow steadily, with an annual growth rate (cagr 2024-2028) of 9.40%.
This growth rate is expected to result in a projected total transaction value of US$249.80bn by 2028.
These figures demonstrate the potential for continued expansion and development of [currentlayername] canada.
Within the [currentlayername] market, the largest segment is Digital Commerce.
In 2024, it is projected to have a total transaction value of US$129.30bn.
This highlights the significance and dominance of digital commerce in the overall [currentlayername] landscape canada.
When comparing the global market, it is worth noting that China has achieved the highest cumulated transaction value.
In 2024, China's total transaction value is forecasted to reach US$3,744.00bn.
This emphasizes China's leading position in the [currentlayername] industry on a global scale.
Overall, the [currentlayername] market canada is poised for substantial growth, with the digital commerce segment playing a significant role.
These projections and comparisons showcase the potential and importance of [currentlayername] in the country's economy.
Canada's digital payment market is experiencing rapid growth with the increasing adoption of mobile payment solutions such as Apple Pay and Google Pay.

Key regions: Japan, Germany, Brazil, United States, Asia

Market

Region

Region comparison

Currency

Analyst Opinion

The digital payments market is currently experiencing a surge in growth, driven by the increasing adoption of e-commerce and mobile payments, as well as the rise of contactless payments due to the COVID-19 pandemic. Digital wallets and mobile payment apps such as PayPal, Venmo, and Cash App have become increasingly popular among consumers, allowing for seamless and secure transactions. Additionally, the growth of fintech startups and the integration of blockchain technology into payment systems have contributed to the expansion of the digital payments market.
Several factors are driving the growth of the digital payments market. Firstly, the convenience and speed of digital payments have made them a preferred method of payment for consumers, particularly among younger generations. Secondly, the increasing digitization of businesses has led to a growing demand for digital payment solutions that can streamline transactions and reduce costs. Thirdly, the rise of e-commerce and online marketplaces has increased the need for secure and efficient payment systems that can facilitate cross-border transactions. Finally, the COVID-19 pandemic has accelerated the adoption of contactless payments as consumers and businesses prioritize safety and hygiene.
The global digital payments market is projected to grow at to have a postive growth in the coming years. The Asia-Pacific region is expected to dominate the market, followed by North America and Europe, owing to the increasing adoption of digital payments in these regions. The rising number of partnerships and collaborations among payment service providers and the implementation of advanced technologies such as blockchain and artificial intelligence are also expected to drive market growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.