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January 3, 2014updated 04 Apr 2017 4:09pm

Over half of Canadians agree mobile wallets will replace need for physical wallets

Over half (55%) of Canadians agree that mobile wallets will replace the need to carry a physical wallet within five years, according to a survey.

By Ellie Chambers

Over half (55%) of Canadians agree that mobile wallets will replace the need to carry a physical wallet within five years, according to a survey.

The survey, conducted between 21 November and 2 December 2013 by Rogers, also found that 50% of consumers agreed they would spend more money shopping online than in physical stores.

72% of consumers agreed that they would be able to earn and accumulate loyalty points on their mobile devices within the next five years. 70% agreed that retailers will have location based apps to offer personalised deals to shoppers.

In terms of the current mobile payments landscape, 35% of respondents had at least one shopping app on their phone and 34% made mobile purchases during 2013.

49% of Canadians said they expected to use mobile payment apps more in 2014 than they did in 2013.

Amongst the other findings of the report were that 8% of Canadians would give up sex if it meant they could have wireless internet anytime, anywhere, while 28% would give up caffeine and 33% would give up alcohol.

There is currently no data on mobile wallet usage and payment providers may struggle to produce any as NFC-enabled POS cannot as yet distinguish between a contactless card and a NFC-enabled mobile device.

 

Related articles:

Canadian mobile payments consumers not fully protected: FCAC study

Tim Hortons unveils mobile payment service

Competition and convergence in the Canadian payments market

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