Cashless, Cardless, Seamless: The Future of Mobile Payments in Canada
Smartphones have replaced Canadians’ maps, alarms, translators, and personal trainers. Are wallets next? Here’s a look at how Canadian consumers are using their phones to pay today and what they want from mobile wallet technology in the future.
Canadians are no strangers to paying with their phones
– One in three Canadian smartphone owners has already paid for something with a smartphone. (Google/Kelton)
– 32% of smartphone users are always or usually in a hurry while buying something on their smartphones. (Google/Ipsos Connect)
The future of finance is mobile-first
– 53% of smartphone owners are interested in the ability to pay with their mobile devices so they no longer have to carry around credit cards or cash. (Google/Kelton)
– 51% of consumers expect most people will pay with their smartphones in the next 12 months in order to avoid carrying cash or credit cards. (Google/Kelton)
Get ready to reach for that mobile wallet
– A mobile wallet is an app on your mobile device that stores your payment information. It’s like a regular wallet where you keep your credit, debit, prepaid, and loyalty cards — just on your phone instead.
– 65% of smartphone regular purchasers (those who make a purchase on their smartphones at least once a week) plan to manage their personal accounts and payment information in a single mobile payment system (mobile wallet) in the future. (Nielsen)
Canadians are already tapping their cards and seem to be comfortable with it. Mobile wallets use the same contactless tap technology as today’s debit or credit cards.
– 85% of smartphone payers who use contactless payment technology have positive perceptions towards the payment method. (Nielsen)
Meeting Canadians’ mobile expectations
Look ahead: To provide a speedy and convenient checkout process, brands and retailers must be ready for newer payment options that align with their consumers’ behaviours and preferences. This includes a range of newer technologies and seamless integrations that may ultimately eliminate the need for physical payment methods.
Get creative: What will a shift to mobile wallets mean for Canadian consumers? Think instant offers, loyalty perks, and opportunities to engage with local business. As marketers, it’s up to us to figure out ways to provide value in these brand new micro-moments.
Be bold: Mobile wallets may just revolutionize the shopping experience. Stay ahead of the curve by embracing emerging technology and the many opportunities that come with it. Keep an eye on trends, make smart investments, and commit to being there for consumers as they take the next step in the ongoing shift to mobile.
This information has been provided by think with Google.
Have questions or want to learn more about mobile wallets? Feel free to contact us by visiting our contact page. DCR offers years of experience and expertise in prepaid and mobile payments—from the launching stage all the way through fulfillment and program management.
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