Canadian Mobile Payments - May 2012
The Canadian mobile payments market has been relatively slow to develop compared to other developed countries. To date, mobile payments, broadly defined, have been mainly centered around contactless credit and debit cards using near-field communications (NFC), although the technology is slowly migrating to mobile phones. This migration is likely to be facilitated by the fact that, unlike the country’s banking business which is controlled by five large banks, the mobile payments business is open to payments network operators, payment processors, technology companies, mobile network operators (MNOs) and even retailers. More competitors means more competition and therefore, more innovation. So far, NFC technology is seen by many to be a “bridge” technology, not the ultimate solution, and no standard system has yet to win market acceptance. As for the Canadian consumer, they are likely to embrace new financial services technologies over the longer term, as they have online banking and bill payment, but they must be shown that mobile payments are superior to existing credit and debit cards.
This study is a comprehensive report on the Canadian mobile payments industry, with a particular spotlight on market drivers, the competitive landscape, consumer behaviors and attitudes, and the regulatory and legislative environment.
What you need to know:
- How big is the potential market for mobile payments in Canada?
- What are the primary factors driving the development of mobile payments?
- Who are the key players in mobile payments?
- What challenges will developers face in 2012 and beyond?
- What are some of the new innovations in the Canadian mobile payments industry?
What you get
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