A new global study from PayPal studying how people like to spend and save time says that demand for mobile payment solutions continues to grow in Canada, where consumers already outpace others for new payment technology adoption.
Canadians are more mobile savvy than others around the world, with the majority (56%) having used a mobile device for an online transaction. In comparison, less than half of Americans do the same. One in four Canadians is looking for an easier way to pay from their mobile device.
If everyone could accept online or mobile payments, nearly half of Canadians (48%) would use their mobile more often to pay for everything from fresh produce to handmade goodies at their farmer’s markets or local stores.
When asked what they reach for first when leaving the house, 30% of Canadians said that they go for their mobile phone before their keys. That number was only 15% globally. Though they say that phones beat cash and credit globally, the release does not say whether cash fits above or below the mobile phone among Canadians.
“This statistic confirms for businesses that figuring out mobile payments is key to future sales,” the release says.
More data from the study suggests that consumers are still frustrated with the online checkout process (another of PayPal’s services). This is also an area that credit cards and Canadian banks are hoping to fill with their own solutions, such as Mastercard Masterpass.
Mobile payments are also making headway in Canada as major businesses, banks and wireless providers are now forming the necessary partnerships and releasing their offerings, such as the Rogers Suretap mobile wallet, CIBC mobile payment app and the PC Bank Ugo mobile wallet, expected to be released this summer.
“One-third of Canadians are frustrated with having to enter payment details or remember multiple pins and passwords,” it says. ”If a site requires a customer to sign up or register before making a purchase, they’re apt to lose more than half of prospective sales in Italy (52%), Canada (51%) and Spain (50%).”