Canadian M-Payment Market Thriving - Analyst Blog
02 4월 2013 - 2:14AM
Zacks
The rapidly growing mobile-payment system has become a major
growth driver for several telecom operators, banks and payment
networks in Canada. This was primarily attributed to the massive
growth of smartphones, which can be used as an electronic wallet
for netbanking, credit card, insurance or brokerage account
information and payment.
The Canadian mobile service sector has a lucrative growth
potential as it is vastly unsaturated. Industry researchers
estimated that currently just 13-15% smartphone users in Canada use
their handsets for making payments.
The first credit card-based mobile payment system in Canada was
established in 2012 by Canadian Imperial Bank of Commerce (CIBC)
and Rogers Communications Inc. (RCI), country’s
largest wireless and cable operator. If a CIBC customer has Rogers’
activated smartphone, then the person will be able to carry a
digital wallet on his/her smartphone, through which he/she can make
online payments. If a financial transaction is over $50, the
customer needs to enter his personal security code, while minor
transactions will be authenticated within a few seconds.
Last week, Canada's first-ever mobile-based debit card
transaction was introduced by debit card service provider Interac
Association in collaboration with Royal Bank of
Canada (RBC) and payment processor Moneris Solutions Corp.
This transaction was completed through a BlackBerry smartphone
developed by Research In Motion Ltd. (BBRY).
Interac stated that the main reason for introducing debit-card
mobile-payment system is that Canadians use debit-card the most for
executing financial transactions.
Other top-tier wireless operators in Canada, namely BCE
Inc. (BCE) and Telus Corp. (TU), will
follow suit in the near future as both the companies are currently
negotiating with several banks and financial services firms to
offer mobile-payment systems.
RESEARCH IN MOT (BBRY): Free Stock Analysis Report
BCE INC (BCE): Free Stock Analysis Report
REGAL BELOIT (RBC): Free Stock Analysis Report
ROGERS COMM CLB (RCI): Free Stock Analysis Report
TELUS CORP (TU): Free Stock Analysis Report
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