Canada is Moving Away From Cash Payments in Lieu of Digital Wallets
According to predictions in their Mobile Wallet Survey, Moneris Solutions—Canada’s largest credit card processor and acquirer—estimates that cash purchases will make up just 10 per cent of all transactions by 2030. The implication is that Canada, like many other countries, is moving toward digital payment technologies.
This trend is especially apparent among younger Canadians looking for fast, convenient and contactless payment solutions—tap cards, debit cards, key fobs, smartcards and other devices that allow consumers to wave their cards or fobs over readers at the point of sale in lieu of using traditional payment processing solutions—cash registers, pin and chip readers, Square readers, etc.
The survey found that 67 per cent of those between the ages of 18 and 34 preferred using a contactless-enabled (tap) card to make purchases. This is essentially the same method found in mobile wallets like Apple Pay, SoftCard and Google Wallet.
According to the survey, the following criteria would have to be met in order for Canadians to switch to mobile wallets altogether:
- The mobile wallet system would have to be secure.
- The mobile wallet system would have to be accepted at most stores.
- The mobile wallet system would have to be offered through the consumer’s bank of choice.
- The mobile wallet system would have to be available on all phones, including iOS, Windows and Android.
- The mobile wallet system would have to be adopted by the general public.
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