Why Canadians don’t need wallets

More than half (68%) of Canadians between the ages of 18 and 44 own a smartphone, says a CIBC poll.

Read: Mobile payment gains momentum in Canada

And they take them everywhere they go, says David Williamson, senior executive vice president of Retail and Business Banking for CIBC. “Whether [they’re] walking by the coffee shop on the way to work, or picking up a few items at the grocery store, Canadians always have their smartphones within reach.”

This is precisely why major banks are now offering payments apps for an increasing number of platforms and devices, with downloads for Andriod phones becoming more prevalent recently.

Read: Get the most from your smartphone

These apps also offer several safeguards such as bank chip technology, optional passwords and the encryption of stored credit card information securely within the phone’s SIM card.

Read: Canadians adopting mobile banking

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.