50 percent of Canadians ready to embrace digital payments

Payment Pulse survey was conducted on 1507 Canadians between March 23 and April 2, 2017, through an online panel. The survey aimed at registering Canadian’s attitude and behaviour towards the digitisation of payment transactions. The study uncovered the fact that 66% of the respondents are ready to give up cheques and 50% are willing to renounce using cash and coins in order to adopt electronic payment methods.

Moreover, of the 13 % of Canadians who have adopted e-wallets, 83 % say convenience is the greatest benefit. When it comes to paying fees, 70% of the respondents stated that they wouldn’t pay any tax, but, instead, 48% would be willing to trade a certain amount of privacy.

According to the same survey, Canadians current financial practices suggest that 27% of the respondents have deposited a cheque using their smartphone camera, with a 97% satisfaction rate, and 41 % have stored their personal credit card information in a mobile app or online ecommerce site. Nine out of ten stated they are confident in the security of these tools.

Payment Pulse also implies that 50% of the Canadian respondents said they were anxious about the arrival of e-wallets, and that almost two-thirds of respondents are even more anxious about tech like artificial intelligence and self-driving cars.