Awareness of being able to use smartphones to pay for products and services at point of purchase has reached critical mass in Canada. Users of m-banking apps currently account for 36 percent (4 million users) of Canada’s overall smartphone user base, according to a report from consumer research and insight consultancy company SRG.
The study also shows that 56 percent of those users are aware of an upcoming service that would allow them to swipe their phones to pay for goods and services at check out. The study has also found that consumers with mobile banking applications are satisfied with the application they use most (67 percent, up from 63 percent in 2011), which shows their interest in knowing more about other ways their mobile devices can help improve their financial lives.
However, the study indicates that Canadian consumers manifest an underlying concern about security, wanting to know more about the service before they commit to trying it. Even so, mobile banking users would trust a variety of retailers and mobile brands who may offer new financial services via mobile devices.
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