Money Canadians warming to digital payments despite holding on to cash, new survey says

18:11  09 may  2017
18:11  09 may  2017 Source:   Financial Post

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Canadians say they still use cash and coins for 22 transactions a month on average, but half indicate they are willing or somewhat willing to give up the physical forms of currency and use digital payments, a new survey suggests.

Yet, it’s still a minority segment of the population that has adopted paperless forms of payment, according to the 1,507 Canadians surveyed by Payments Canada and Leger Marketing.

Canadians do only 19 per cent of their shopping online, and only 13 per cent say they have uploaded an e-wallet app, according to the online survey conducted in late March and early April.

“This data demonstrates a natural ambivalence around emerging technological advancements in payments but endorsement from early adopters, which often signifies a tipping point,” said Gerry Gaetz, chief executive of Payments Canada, the organization which owns and operates Canada’s payment clearing and settlement infrastructure, in a statement.

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As well, Canadians still make 22 cash transactions per month, spending a total of $220. They also write three cheques monthly, worth a total of $245.

More than a quarter of Canadians surveyed were turning to technology to cash them. Roughly 27 per cent of those surveyed said they used their camera or mobile app to deposit a cheque.

In any case, the respondents did not appear tied to the payment method. Two-thirds said they were willing to do away with cheques altogether, the survey also found.

And roughly 43 per cent, meanwhile, say they aren’t writing any cheques at all in a given month.

Financial Post

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