Mobile payments on a high-growth trajectory in Canada - report

Tuesday 1 July 2014 09:17 CET | News

Mobile payments have ousted card-based contactless payments as the highest growth segment in the Canadian consumer payments market, a recent study reveals.

According to a recent report published by Technology Strategies International, titled “Canadian Payments Forecast - 2014,” almost 22% of smartphone owners have initiated a payment on their mobile phones in the past six months. More than 4 out of 10 of those consumers that made payments on their smartphones have conducted, on average, more than one payment transaction per month on their phone.

The study also points out that some of the barriers to adoption for in-store payments are the lack of NFC-enabled smartphones, and the relative paucity of mobile wallets that provide credible mobile payments solutions to consumers.

However, the report predicts that this will change dramatically within the next five years, with about half of the smartphones in Canada having NFC capability by 2018. Other important growth drivers include the increasing penetration of contactless payment terminals at merchants, and the migration of contactless cards to the mobile platform.

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Keywords: mobile, payments , growth, trajectory, Canada, smartphone, NFC, mobile wallets
Categories: Payments & Commerce
Countries: World
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