Canadians are Slowly but Surely Becoming Comfortable with Mobile Banking, Study Suggests

Smartphone ownership and mobile banking usage continue to rise in Canada, according to a new poll conducted by Harris/Decima for CIBC, who is Rogers’ partner for Suretap, a mobile payments service.

At least 44% of Canadians now own a smarthone, the study suggests, up significantly from 33% in 2011. Among those aged 18 to 24, 77% own one.

More than one-third of Canadians have used their smartphones for mobile banking, again up dramatically from 25% in 2011. And 47% would consider using their device to make mobile payments to their credit card if they could.

“Canadians are embracing smartphones as part of their everyday life, and increasingly they are using these devices to stay connected to their finances through services like mobile banking and emerging options such as mobile payments,” said David Williamson, Senior Executive Vice-President and Group Head, Retail and Business Banking, CIBC. “Having access to their bank accounts and credit cards through their mobile device gives Canadians a new level of convenience as part of their banking experience, and we see demand for these services continuing to grow.”

Today marks the official launch of Suretap.

“Canadians are ready to start paying for everyday items using their mobile device, but they want all of the benefits and rewards they’ve come to expect from their credit card,” noted Mr. Williamson. “In bringing our mobile payment solution to market together with Rogers, we have focused on retaining these benefits while adding the convenience of having your credit card available through your smartphone.”

Suretap was first announced in May.

“Mobile payments are set to take off in Canada,” said David Robinson, Vice-President of Emerging Business, Rogers Communications. “Today we are seeing firsthand how the experience is convenient, seamless and secure. By storing credit card credentials on a secure SIM card in NFC-enabled smartphones, together with CIBC we will be first to provide Canadians with a solution that is easy to use and provides peace of mind when making mobile payments.”

Unfortunately, Suretap currently is limited in practicality: only Rogers customers who are also CIBC clients with select handsets may use the mobile payments service.

Photo: Brett Gundlock, National Post