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Smartphone Adoption Continues To Rise, Canadians Primed For Mobile Payments [Survey]

CIBC continues to roll out its marketing machine, putting full effort into educating Canadians about mobile payments, and thanks to their recent data which reveals the growth of smartphone adoption across the country.

Key poll findings include:

  • 44 per cent of Canadians surveyed now own a smartphone, up from 33 per cent in a similar Harris/Decima poll conducted for CIBC in 2011
  • While younger Canadians between 18-24 years of age are more likely to own a smartphone (77 per cent), ownership numbers were strong in other demographics, including the bottom edge of baby boomers between 45-54 years of age (43 per cent)

Among smartphone owners:

  • 47 per cent of Canadians with smartphones would consider using it to make mobile payments to their credit card if they could
  • 36 per cent have used their smartphones for mobile banking, up from 25 per cent in 201
  • 51 per cent between 25-34 years of age said they would consider mobile payments
  • 48 per cent in the 45-54 age group said the same.
  • 59 per cent said rewards for credit card purchases are important to them in deciding to use mobile payments.

“Canadians are embracing smartphones as part of their everyday life, and increasingly they are using these devices to stay connected to their finances through services like mobile banking and emerging options such as mobile payments,” commented David Williamson, Senior Executive Vice-President and Group Head, Retail and Business Banking, CIBC. “Having access to their bank accounts and credit cards through their mobile device gives Canadians a new level of convenience as part of their banking experience, and we see demand for these services continuing to grow.”

Canadians are primed and ready for smartphones and mobile payments

As an increasing number of Canadians carry their smartphone with them everyday, there is a strong interest in using them to pay for everyday purchases on their credit card. Using their smartphone, Canadians will be able to securely access their credit card information and wave their smartphone at the checkout counter to pay, much like they do with their contactless credit card today.

“Canadians are ready to start paying for everyday items using their mobile device, but they want all of the benefits and rewards they’ve come to expect from their credit card,” noted Mr. Williamson. “In bringing our mobile payment solution to market together with Rogers, we  have focused on retaining these benefits while adding the convenience of having your credit card available through your smartphone.”

CIBC is well positioned to take advantage of this next opportunity in ecommerce, back in May 2011 they announced a partnership with Rogers that would allow a “tap and go” solution to customers looking to make mobile payments.  Today CIBC has close to 11 million personal banking and business clients, pretty good odds of significant conversion to their new offering which is slated to go live later this month.

In May 2012, CIBC and Rogers announced Canada’s first agreement between a bank and a wireless carrier to offer a mobile payments solution to Canadians.