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Canadians could become leader in mobile payments

June 11, 2012 Author by Thomas Wheeler

Canadian retailers can take steps to become leaders in mobile payments.

Even though Canadian consumers have been slower than those in other countries to embrace online shopping and virtual credit card processing, the country is emerging as a leader in mobile payments. In fact, the country took second in MasterCard's recent Mobile Payments Readiness Index.

Canada is ahead of other countries because it already has much of the infrastructure in place. retailers have already embraced EMV-chip and PIN technology and invested in new point-of-sale terminals that can accept contactless payments. In addition, consumers' adoption of smartphone devices means that nearly half of the population could be carrying devices capable of conducting remote transactions.

"If we are smart - if we compete at some levels, and cooperate at others, around things like standards - Canada has a real opportunity to move into a leadership position in mobile payments. And we absolutely have the capacity to be leaders," said the Honorable Jim Prentice, vice chairman of the Canadian Imperial Bank of Commerce.

A study by Research and Markets predicted 80 percent of shoppers' smartphones would be enabled with NFC technology by 2016, which would drive up the portion of tap-and-go transactions.

To establish Canada as a leader in mobile payments, retailers can invest in payment processing services that allow customers to make contactless payments.

  

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