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Most Popular Mobile Payment Methods In Canada
A new consumer report put out by Technology Strategies International reveals the top contactless payment methods Canadians are using when making purchases through their phones, and they might surprise you.
In TSI’s study almost half of respondents didn’t have a payment app installed on their phone at all, and out of those that did many were not a mobile wallet, but rather a single branded product. Paypal came in overwhelmingly at the most installed application, with Starbucks behind by almost half.
Apple Pay comes in at the 6th most installed app, with only 5% of the people surveyed downloading it. With the Apple Pay expansion announced recently, and with more phones in the future having the capability of using the Apple Pay wallet, we are sure to see these numbers rise.
In fact, the study says that by 2020, 90% of Canadians will have a smartphone, and three quarters of those phones will have NFC technology. This means in the next 5 years we can expect to see mobile payments ramp up drastically.
In 2015 alone contactless payments doubled in Canada, accounting for around $60 billion dollars worth of transactions. With technology only getting better at an alarmingly fast rate, and companies dedicated to making shopping easier for consumers with more focused payment applications, we are sure to see payment through mobile phones become an everyday part of our lives sooner than we think.