Smart­phone growth surg­ing: CIBC Poll

The Pak Banker - - Front Page -

TORONTO

A new CIBC poll con­ducted by Har­ris/Dec­ima shows that smart­phone own­er­ship and mo­bile bank­ing us­age con­tin­ues to grow in Canada, and there is al­ready strong in­ter­est in new ser­vices such as mo­bile pay­ments, which will al­low Cana­di­ans to make credit card pur­chases us­ing their smart­phone.

Key poll find­ings in­clude 44 per cent of Cana­di­ans sur­veyed now own a smart­phone, up from 33 per cent in a sim­i­lar Har­ris/Dec­ima poll con­ducted for CIBC in 2011; While younger Cana­di­ans be­tween 18-24 years of age are more likely to own a smart­phone (77 per cent), own­er­ship num­bers were strong in other de­mo­graph­ics, in­clud­ing the bot­tom edge of baby boomers be­tween 45-54 years of age (43 per cent).

Among smart­phone own­ers: 47 per cent of Cana­di­ans with smart­phones would con­sider us­ing it to make mo­bile pay­ments to their credit card if they could;

36 per cent have used their smart­phones for mo­bile bank­ing, up from 25 per cent in 201; 51 per cent be­tween 25-34 years of age said they would con­sider mo­bile pay­ments; 48 per cent in the 45-54 age group said the same.

59 per cent said re­wards for credit card pur­chases are im­por­tant to them in de­cid­ing to use mo­bile pay­ments. 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.

As an in­creas­ing num­ber of Cana­di­ans carry their smart­phone with them ev­ery­day, there is a strong in­ter­est in us­ing them to pay for ev­ery­day pur­chases on their credit card. Us­ing their smart­phone, Cana­di­ans will be able to se­curely ac­cess their credit card in­for­ma­tion and wave their smart­phone at the check­out counter to pay, much like they do with their con­tact­less credit card to­day. 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.

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