It's forecast that in 2023, the number of SmartPhone users globally will climb to 6.92 billion, which would be roughly 86.29% of the world's population. With so many of us using SmartPhones, it's no wonder that worldwide mobile payment revenue is expected to hit $12.06 trillion by 2027.

Consumers jumped on the bandwagon when Apple rolled out Apple Pay almost 10 years ago. More than one million accounts were activated in its first 72 hours. Today there are many options which include Google Pay, Samsung Pay, and Paypal.

Why are mobile payments gaining traction?
Convenience – We all carry our SmartPhones wherever we go. With mobile payments, there’s no need to juggle a bunch of credit cards, gift cards, loyalty cards and coupons, as they can all be stored on the phone.
Security - If a merchant’s system is hacked, thieves will only be able to access “tokenized data.” Mobile wallets don’t transmit a credit card’s account number. During the transaction, an encrypted token is sent to the Point of Sale terminal, protecting the data while in transit.
Tracking – If your phone is lost, it’s much easier to stop, disable, or even erase the device than it is to track a lost credit card. Applications like Find My Phone make it easy to track the phone and wipe its data remotely.

When using a SmartPhone to make a payment, be mindful of your surroundings, use a unique password for the payment app that’s not the same as the Pin to get into your phone, and don’t make payments while connected to public Wi-Fi networks.

Click here to find out more on the Government of Canada’s website.