Mobile payment technology has accelerated in the Western hemisphere. The U.S. is making major headway with consumers, especially millennials, with the release of Apple Pay and other mobile payment processing systems. However, Canada is not adopting mobile technology as rapidly as the United States. GfK Canada, a Canadian research firm, says they believe adoption of mobile technologies will speed up in the near future once Canadian consumers are convinced that mobile payment processing is safe.
Currently, mobile payments in Canada only make up 2% of all consumer purchases. In the last six months, only 21% of Canadians reported making a mobile payment online or in store. This figure drags way behind other countries like China (83%), South Korea (62%), and the United States (33%).
Just like the United States, many Canadian mobile merchants believe that millennials are the key to accelerating the use of mobile payment applications. The market that will make mobile apps take off is coming of age. 80 million millennials-adults 18 to 29, and 20 million teens have been raised in a world where their mobile devices are central to their lives. This means they will seek out any app that makes their lives a little more convenient. Especially financial apps that makes product consumption simpler and faster than ever before.
Canadians site security concerns as one of the main reasons for slow acceptance of mobile payment applications. GfK Canada states that Canadians are more conservative with financial matters than other countries, and won’t fully accept mobile financial technology until merchants prove that their information will be secure.
The safety of customer information should be the top priority of any Canadian merchant account. Is your business ready to accept mobile payments for customers? Do you have a competent payment processor who can guarantee the safety of your customer’s private data? eMerchantBroker.com now services Canada and continues to offer the best security and management solutions for Canadian merchant accounts.