Canadians wary of Mobile Banking and Commerce

Today KPMG released their Consumers & Convergence IV study and it demonstrates how dramatic shifts have occurred in how consumers integrate internet and mobile technology into their daily lives.

Despite concerns over privacy and data security, people around the world are rapidly adopting the mobile internet as an easy and convenient method of carrying out everyday transactions, including banking and shopping.

Like our global counterparts, security and privacy appears to be an issue for Canadians when using a mobile device, with 63 percent and 58 percent "very concerned" about privacy and security, respectively. At the same time, global respondents are worried about security and privacy at 67 percent and 59 percent, respectively.

However, Canadians indicate lower usage of mobile devices for purchasing and banking:

• Only 19 percent of Canadians feel comfortable using their mobile phone for financial transactions, compared to 34 percent of global respondents

• 8 percent of Canadians have made purchases using a mobile phone through a retailer's site-double the amount from last year, but significantly less than global consumers at 28 percent

• 15 percent of Canadians have done banking through a mobile device compared to 45 percent globally.

Not surprisingly, the surge in mobile internet is being led by the world's fastest developing economies. 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.

Consumers & Convergence IV is the fourth regular global survey of consumer use of technology produced by KPMG International's Information, Communications & Entertainment (ICE) practice.  5,000 consumers in 22 countries, including 300 in Canada, were surveyed for the study.