Tag: mobile payments canada

Canadian banks rush ahead with mobile payments, leaving consumers behind

Despite the fact that people residing in Canada are slow to accept the tech, banks are still diving in.

In Canada, the major banks are working hard to implement the technology that is required to allow consumers to be able to adopt mobile payments, but at the same time, less than a quarter of the adults in the country can actually use it.

A recent whitepaper has stated that the largest six banks in the country are pouring their efforts into a small market.

The banks are highly enthusiastic about creating mobile payments apps and services that will allow people to use their smartphones instead of debit and credit cards when they make a purchase in a store. That said, the whitepaper pointed out that only under 25 percent of consumers in Canada actually have all of the requirements that are needed to actually use that technology.

This implies that Canadian banks are moving ahead with mobile payments much more quickly than consumers can actually keep up.

Canada Mobile PaymentsFinancial institutions in the country consider mobile wallets that will be used for smaller purchases – particularly when it comes to those developed through the use of NFC technology – to be a key component of their development over coming years. They believe that this will be integral to being able to satisfy what they think is a powerful consumer demand. They also feel that it is vital to take on a technologically-forward position, said the whitepaper, which was created in conjunction with the big six banks in Canada.

Some of the large banks view the creation of their own mobile wallet app as a vital component in defending themselves against the intrusion of technology giants such as Google and Apple, which are already moving into this space as financial players. They are hoping to be able to establish themselves as the natural choice for consumers, early on, before the technology giants have the opportunity to sink their claws into this marketplace and draw consumers away from the banks.

So far, services such Google Wallet and Apple Pay have been launching in a slowly growing number of countries, with the iOS version being seen as the primary threat. Apple’s mobile payments platform has already launched in the United States and it has just stepped into the United Kingdom. Many feel that it will make its way into Canada before the end of the year.

Mobile payments company nTrust aims to dominate the Canadian market

Lack of Apple Pay leads to new opportunities in Canada’s mobile payments space

Apple Pay has generated a great deal of interest in mobile payments, but it is not yet available outside of the United States. In Canada, the demand for mobile payment service is on the rise, and nTrust is willing to accommodate this demand and capitalize on the absence of Apple Pay in the country. The company intends to provide consumers with more than a mobile wallet platform, however, as its service will be considered an “all inclusive shop” where funds are transferred through a closed loop ecosystem.

Mobile wallets are becoming more important to consumers

Mobile wallets are quite useful to consumers, as they can store a wide range of information, such as financial details and information from retailers. These platforms can also facilitate mobile payments, which have become more popular with consumers that are relying more heavily on their smartphones. The service that nTrust aims to provide will allow users to create virtual representations of t heir payment cards in a process that is similar to tokenization, allowing them to make secure transactions.

20 new merchants sign up with ntrust

Mobile Payments - Canadian MarketThe company recently added 20 new merchants to its service, which will accept mobile transactions from those using the platform. These organizations have shown more interest in mobile payments as it represents a way to engage consumers in a more dynamic fashion. It is also seen as more convenient than conventional payment solutions, as consumers only need to use their smartphones to make a purchase rather than swiping a payment card or handling cash.

Secure mobile payment platform could be a success among Canadian consumers

The mobile payments market is quite crowded, with plenty of competition to go around. If nTrust wants to compete in this sector, it will have to find ways to convince consumers that it offers a secure and highly efficient experience. This experience must also be enjoyable for consumers, as lack of enjoyment with mobile payments platforms has lead to many services being abandoned by those that had used them in the past.