Canadians are quickly starting to adopt mobile payment practices and credit card use. Credit card use has risen up 34 percent from 2014. A recent TSYS Canadian Consumer Payment Choice Study shows how eCommerce is boosting digital engagement. Canadian consumers are learning what they want from credit cards, retailers, and mobile apps. The TSYS report shows that loyalty and rewards programs along with mobile banking apps are the features that consumers are the most excited about.
Canada has one of the highest penetration rates of contactless POS. Canadian consumers are finding loyalty and rewards programs extremely attractive options, often letting these programs decide which cards they choose at the POS. The TSYS report found a correlation over the past two years between the availability of loyalty and rewards programs, and payment decisions. Reward type features like cash back options, discounts and other rewards continuously encourage a consumer to use a particular type of payment.
The continued growth of eCommerce, also encourages Canadians to use credit when they are making online purchases. In fact, the report showed that Canadian consumers prefer credit cards to debit cards in general. The TSYS report also reflects a preference for mobile features like services and inquiries over payments, but this is expected to change while the mobile payments space is growing.
The report found that when Canadian consumers did use mobile apps, they used their mobile bank apps almost twice as much during the month than any other app. Those that used banking apps were between the ages of 25 and 44. This trend comes as no surprise to Canadian financial institutions who recall the earliest mobile wallet offerings were actually introduced by Canadian banks.
Consumers are searching for offerings that provide them with the safety, convenience, and ease of traditional payment methods. As merchants move forward, it is important that they keep this in mind when developing applications and payment processors. eMerchantBroker has helped many Canadian merchants reach their financial goals through competent payment processing and account management. Now merchants can enjoy unbelievable profits in partnership with EMB. Start your new Canadian merchant account today.