According to a recent study entitled “How Canadians Bank”, released by the Canadian Bankers Association (CBA), online and mobile banking use continues to grow and payments are quickly evolving as mobile wallets and tap and go contactless payments become more widely available.
The report also points out that 31% of the 1,250 Canadians surveyed now do some form of banking from a mobile device, an increase from 19% in 2012.
The survey also notes that only 3% of Canadians have used mobile cheque deposits. CIBC recently revealed that its customers have deposited over 1 million cheques from an iOS or Android smartphone. Various credit unions, Tangerine, and TD Canada Trust also have a cheque deposit option, but they have not disclosed any numbers.
While the idea of having a smartphone or tablet become one’s “digital wallet” is idealistic, Canadians are not rushing to make this happen. The survey adds that only 23% of those polled answered they will be completely cashless in 10 years.
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