In the course of the year, contactless payments grew in value by over $80 billion, or 20% annually, according to Technology Strategies International's Canadian Payments Forecast.

According to the survey, wearable and smartphone payments have been increasingly popular in the past several years, although cards still make up the majority of contactless payment transactions in Canada. Nearly 30 million cellphones were in use in Canada at the end of 2023, with 74% of them having NFC capabilities. With a 42% annual growth, in-store mobile transactions currently account for around 23% of all contactless payments made in stores.

According to Christie Christelis, president of Technology Strategies International, "the rapid expansion of contactless payments in Canada over the last ten years has been fueled by several factors."

"Contactless payments are now possible with almost all debit and credit cards, and retailers are using contactless payment terminals at a significant rate. The contactless payment limit was raised to $250 at COVID, enabling customers to purchase higher-priced products without entering a PIN.

Although cards continue to be the most common form factor for consumer payments in Canada, accounting for over 90% of all transactions, mobile is becoming more and more significant. In 2023, 73.5% of all bill payments and transfers were made using mobile devices. Over half of Canadian adults purchase online on their smartphones.