Canadians still concerned about security of mobile banking

According to a recent worldwide survey by KPMG, only 19 percent of Canadians feel comfortable using their mobile phone for financial transactions, compared to 34 percent of global respondents.

When asked 63% of Canadian said they were very concerned about privacy while 58% were very concerned about security when using mobile devices for purchasing and banking.

“Consumer concerns over privacy and security are pivotal to the continued adoption of e-commerce and mobile commerce,” says Brendan Maher of KPMG’s Information, Communications & Entertainment practice.

The survey found that just 8 percent of Canadians had made a purchase using a mobile phone this, double the amount from last year, but significantly less than global consumers at 28 percent. When asked whether they had done banking through a mobile device, 15 percent of Canadians said yes compared to 45 percent globally.

By comparison, in China, 77 percent of respondents say they have used their mobiles for banking and 44 percent for retail transactions, while in India 38 percent are using them to shop and 43 percent for financial business.

In addition to being more security conscious, the KPMG survey also found that Canadians were significantly less willing to pay to access internet content via their mobile device compared to the rest of the world.

Five out of six (85 percent) of Canadians said they were not willing to pay for access to site content through their mobile phone and would look for the same or similar content elsewhere through a free site, compared to 76 percent in the US and 57 percent globally.

In Canada, advertising in exchange for lower prices or free content/services is more willingly received on a PC than on a mobile phone, at 45 and 21 percent respectively; however, global respondents are more willing with 56 percent indicating they would receive it on their PC and 42 percent on their mobile phone.

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