Apple Pay will likely arrive in the US shortly after the media event scheduled for Thursday, October 16. But what about Canada? TD Bank’s CIO predicted that Apple Pay won’t be coming to Canada quickly, but IDC has a hint: We will likely see it materialize next year.
This IDC Financial Insights Perspective looks at how Apple Pay will transform mobile and online payment processes in Canada when it arrives, which is expected to be in 2015.
Actually, as we previously pointed out, the infrastructure is ready: Carriers have already deployed mobile wallet solutions, so from a technical perspective, the market is ready. But there are other factors as well, such as regulations and the following question: Are Canadians ready to leave their physical wallets at home and pay with their mobile phone or smartwatch instead?
As a recent PayPal study reveals, the only roadblocks ahead of a Canadian launch for Apple Pay are the regulations and the contracts Apple needs to ink with its banking partners.
Canadians are enthusiastic about emerging technologies: nearly half (45%) of all surveyed are ready to embrace methods such as mobile payments via wearable devices. As digital money gains popularity — about 88% of Canadians made an online purchase from their computer or tablet — there will be a huge change over the next few years in the way we shop and pay for things, Cameron Schmidt, General Manager of PayPal Canada, says.
“More than 5.5 million Canadians already use a PayPal digital wallet. Our users are already online and mobile savvy when it comes to shopping and will likely be among the first to adopt and pay using the latest devices like smartwatches and digital wristbands and future-forward options like Internet-enabled vehicles and appliances.”
Almost a quarter of Canadians are using their mobile phones as wallets to make in-store purchases. They agree that mobile transactions should be effortless and quick, and they use them with without giving it a second thought, because it is simply how they pay.
The PayPal study was conducted by Nielsen from September 4–19 and involved 1,504 Canadians aged 18 and older.