Complete Market Analysis: Penetration, Growth & GPV

Market share, YoY growth trends, and GPV contribution by seller segment
Australia
1,462,338 merchants • $1.2B/month GPV
20.1% 9.2% 36.6% 34.2%
Market Share
YoY Growth
GPV Share
Avg GPV/Merchant
Food & Drink +3.9% (+1,229)
Retail -5.0% (-2,846)
Services -3.0% (-3,480)
Food & Drink 51.9% ($623M)
Retail 15.9% ($190M)
Services 32.2% ($386M)
Food & Drink $9,910/month
Retail $1,607/month
Services $1,833/month
Canada
2,023,267 merchants • $1.0B/month GPV
38.6% 21.8% 7.2% 32.4%
Market Share
YoY Growth
GPV Share
Avg GPV/Merchant
Food & Drink +11.7% (+3,557)
Retail -1.6% (-1,060)
Services +3.1% (+4,021)
Food & Drink 31.5% ($325M)
Retail 17.8% ($183M)
Services 50.7% ($523M)
Food & Drink $6,207/month
Retail $1,329/month
Services $2,328/month
Japan
594,245 merchants • $414M/month GPV
41.3% 19.6% 37.0%
Market Share
YoY Growth
GPV Share
Avg GPV/Merchant
Food & Drink +46.7% (+971)
Retail +23.0% (+4,382)
Services +32.7% (+14,684)
Food & Drink 2.5% ($10M)
Retail 30.1% ($125M)
Services 67.3% ($279M)
Food & Drink $2,733/month
Retail $2,676/month
Services $2,681/month
United Kingdom
1,231,650 merchants • $780M/month GPV
33.2% 19.0% 9.4% 38.4%
Market Share
YoY Growth
GPV Share
Avg GPV/Merchant
Food & Drink +30.3% (+12,063)
Retail -12.0% (-8,863)
Services +12.5% (+16,879)
Food & Drink 50.2% ($392M)
Retail 16.7% ($130M)
Services 33.0% ($258M)
Food & Drink $9,740/month
Retail $2,057/month
Services $2,088/month
Food & Drink
Retail
Services
Other

Key Insights: Market Penetration, Growth & GPV Analysis

🚀 Growth Champions
Japan: All segments growing strongly
Food & Drink: +46.7% (Japan), +30.3% (UK)
Services: Steady growth in most markets
💰 GPV Powerhouses
Food & Drink dominates GPV:
• Australia: 51.9% of GPV
• UK: 50.2% of GPV
• Canada: 31.5% of GPV
• Japan: Only 2.5% of GPV
📊 GPV per Merchant
Food & Drink leads:
• Australia: $9,910/month
• UK: $9,740/month
• Canada: $6,207/month
• Japan: $2,733/month

🎯 Strategic GPV Insights

Food & Drink Paradox: Despite having the smallest market share (2-9%), Food & Drink generates disproportionately high GPV (31-52% in most markets), indicating much higher transaction values per merchant.

Services Scale Play: Services has the largest market share (33-41%) but moderate GPV contribution, suggesting lower average transaction values but consistent volume.

Japan Opportunity: Food & Drink in Japan shows explosive growth (+46.7%) but still represents only 2.5% of GPV, indicating massive untapped potential.