Consumer Payment Preferences - Canada - November 2014
“Security and trust issues are the dominant factors in the minds of consumers at present and override the convenience benefits of contactless cards and mobile banking. This is likely to change in the near future as these concerns dissipate with the introduction of superior security features.”
– Sanjay Sharma, Senior Financial Services Analyst
This report discusses the following key topics:
- Overcoming lack of trust is key to increasing mobile banking adoption
- Highlighting the non-payment-related mobile banking functionalities will generate more consumer interest
- Monitoring non-traditional players such as PayPal, Apple Pay that pose a competitive threat to Canada’s banks
- Calming the security concerns of Chinese Canadians
The world of payments continues to witness rapid innovations that are both a challenge and an opportunity for financial institutions. The adoption of mobile payments, provided by both financial and non-financial institutions, is the single biggest change in the payments world since the advent of online banking almost 20 years ago.
Canada is one of the world leaders in the adoption of cashless payments according to MasterCard’s 2013 Cashless study. Some traditional payment methods such as cheques are in decline whereas others such as credit cards remain popular and new card offerings continue to proliferate. The advent of non-traditional players and new payment methods such as Apple Pay makes it imperative for banks to stay on top of these advancements in order to retain their competitive edge.
This report covers various payment methods in Canada, payment actions, interest in mobile banking features and functionalities, fraud activity and attitudes towards payment processes.
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