Canadian Consumers Adopt Online Payment Solutions Much Faster than Their U.S. Counterparts, According to Yankee Group Survey

Business Wire, March 13, 2002

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--March 13, 2002

The 2001 Canadian Technologically Advanced Family(R) (CTAF(R)) Survey reveals that 20% of respondents currently pay bills online. The difference between Canadian and U.S. consumer adoption is highlighted by the 2001 TAF(R) Survey, which shows that only 6% of U.S. respondents currently pay bills online.

"This rather marked difference in penetration can be directly related to the consolidated nature of Canada's banking industry--it is much easier for Canada's five major banks to market these solutions due to their national footprint. The U.S. market is much different: the banking landscape is fractured, making similar efforts less successful on a broad scale. Also, Canadian consumers have a history of adopting new methods of payment," says Mark Quigley, research director for the Yankee Group, Canada. "The rapid penetration of debit cards provides another example of this."

"In many cases, the only thing Canadian and U.S. consumers share is a continent. The CTAF(R) and TAF(R) Surveys provide numerous instances where this is true," adds Quigley. "Without the ability to recognize the unique nature of the Canadian consumer, companies lack the understanding necessary to properly target their efforts. Fielding primary research from our Ottawa office allows us to better understand the Canadian marketplace and provide that insight."

The Yankee Group notes that the disparities between the Canadian and U.S. markets demonstrate the need for country-specific analysis in order to customize business strategies. The CTAF(R) Survey, and other primary research conducted by the Canadian office, gives the Yankee Group this ability. With a staff of analysts residing in the company's Ottawa office, the Yankee Group remains committed to the Canadian marketplace and its Canadian client base.

Note to Editors

For an interview, contact Mark Quigley at mquigley@yankeegroup.com.

The Yankee Group (www.yankeegroup.com)

The Yankee Group is a global leader in technology research and consulting. Our customers, which include technology vendors and users, benefit from our accurate, reliable, and trusted research, consulting, and personalized one-to-one client interaction covering communications and IT products and services. Now in our fourth decade, the company is headquartered in Boston and maintains offices throughout North America, Europe, Latin America, and the Pacific Rim.