Mobile Banking And A Cashless Future

Mobile banking technology is making it easier for Canadians to do their banking on the go.  More than 2.5 million Canadians have downloaded a mobile banking app on their smart phone.

Most mobile banking users can expect to access a full range of services through their mobile device, including the ability to view balances and details for accounts, pay bills for existing online banking payees, transfer funds between accounts, send email money transfers and locate branches and ATMs.

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For many Canadians, the convenience of mobile banking outweighs concerns over privacy and security.  The popularity of mobile banking should continue to grow as more features are added.  TD recently launched a mobile stock-trading app, and several banks are expected to follow suit.

The number of mobile transactions should significantly increase with greater smart phone usage by Canadians. Currently one third of Canada’s 25 million cell phone users have a smart phone.

CIBC and Rogers recently announced that clients will soon be able to use their Rogers smart phone to pay at the checkout with their CIBC credit card – this service will be available later in 2012, and there will be no additional fees for clients to use this service.

A recent survey revealed that one in three Canadians would use a mobile device as their wallet rather than carry around change and about the same amount would be willing to make payments with their phone for cheap or expensive goods.  About 40% of Canadians would like to use their smart phone to send money to friends and family instead of having to visit a bank machine.

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Another factor that should increase the number of mobile transactions in Canada will be increased trust in the security of consumers’ financial data when they use a smart phone to pay or get paid.

As mobile technology continues to develop, we may be headed towards a cashless future.

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