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Mobile Payments

Canada on way to drop cheques and cash for digital payments

Wednesday 10 May 2017 | 08:37 AM CET

Payments Canada and Leger Marketing has issued the Payments Pulse survey revealing that half of Canada is ready to drop cash although less than 15% consumers have adopted e-wallets.

Also, 66% of respondents are willing to let go of cheques. Of the only 13% of Canadians who have adopted e-wallets, 83% say convenience is the greatest benefit. Although a majority are not willing to pay a fee (70%) for such convenience, 48% are willing to trade a certain amount of privacy.

50% said they were somewhat to very anxious about the arrival of e-wallets. When asked about other fast emerging innovations like artificial intelligence and self-driving cars, the anxiety levels was hitting close to two thirds of Canadians.

In mobile banking, just over a quarter (27%) have deposited a cheque using their smartphone camera with 97% satisfaction rate. When shopping online, 41% have stored their personal credit card information within a mobile app or an online ecommerce site and 9 out of 10 people are confident in its security.

Other key findings from the Payments Pulse survey are:

• On average, Canadians make 22 cash transactions a month, spending a total sum of USD 220. They also write three cheques a month worth a total value of USD 245.
• Only 19% of the population does their shopping online.
• One-quarter (27%) of Canadians are willing to pay per transaction to not have to use cash or cheques and use an electronic payment that is accessible through the internet or mobile device.