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11/03/2010 -
Canadians are among the top debit card users in the world (second only to Sweden, according to Interac), and soon they may become one of the most frequent users of mobile banking, reported the Globe and Mail.The ever-increasing prevalence and popularity of debit and credit card processing has led to a corresponding increase in technology to help consumers manage their bank accounts, the most popular way of doing so currently being online banking.
However, Canadians are now increasingly confident with mobile banking solutions, and as competition in the country's telecom industry leads to more affordable smartphones, mobile banking is expected to skyrocket.
"We're at the tipping point in terms of adoption," Bob Hedges, managing partner at consulting firm Mercatus, told the Globe and Mail. "Over the next five years this will become more important than online banking."
A study by Mercatus found that 20 percent of Canadian consumers plan to start using a mobile banking account within the year.
As the popularity of mobile banking - and smartphones - continues to grow, it will likely continue to boost debit and credit card processing activity thanks to the improved convenience of banking and shopping.
