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Digital Payments Will Make Up 90% of All Transactions in Canada by 2030: Moneris
According to a prediction by Canada’s leading credit and debit card processor Moneris Solutions Corporation, cash purchases will only make up 10 percent of all money spent in Canada by 2030.
The decline in cash usage is predicted to come as the digital wallet becomes more popular, especially among the younger generation. The reason why the transition isn’t happening faster is because of two common misconceptions: security and availability. Firstly, most consumers don’t trust the security of mobile wallets, even though they have been proven to be really secure. Secondly, the mobile wallet may not yet support your credit card provider, in addition to supporting loyalty cards.
In a recent consumer survey it was found that 67 percent of Canadians between the age of 18 and 34 prefer to use contactless payment technology. In a statement, Chief Product Officer at Moneris Rob Cameron said:
“More Canadians – especially younger ones – are tapping their cards to pay as opposed to inserting them into payment terminals. We’ve seen the number of contactless transactions more than double this year, which is a strong indication that mobile payments are going to see a huge lift.”
The survey found that 25 percent of Canadians between the age of 18 and 34 prefer to use a mobile wallet over cash or card. This is a number that is growing rapidly thanks to the release of Apple Pay in Canada back in May 2016. Of Canadians aged 18-34, 46 percent said they would be more inclined to use a mobile wallet solution, like Apple Pay, if it were available for the kind of credit card they used.
Are you currently using a mobile wallet solution like Apple Pay in your day-to-day life? If not, what needs to change for you to adopt this growing technology? Let us know in the comments below.
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I love Apple Pay and look forward to using it online as well soon. Unfortunatly I use TD and they still have not approved their MC cards for Apple Pay yet.
I use ?Pay everyday and love it.
I love using ApplePay, its way better then using our regular cards for security of using touchID and as well as transaction specific dynamic security code. Is there a list of websites that have enabled ApplePay
Honestly I can’t remember when was the last time I use cash to pay for merchandize or services. The transactions are either pay by Apple Pay or use debit/credit if it’s over $100.
I just got an Apple Pay-capable phone and have now used it a few times. I love it as much as I thought I would and look forward to using it more when I can.
Unfortunately, the places where I shop most often don’t offer Pay Pass/Apple Pay.
I use Apple Pay for 90% of all transactions. Slowly avoiding places that do not accept contactless payments, such as cafés that disable tap.
Looks like they don’t want to offer a convenient way to pay to their customers and will rather beg for tips by ignoring contactless payments and with a sticker “NO TAP” on the terminal.
Tangerine MasterCard + Apple Watch = Using Apple Pay 90% of the time as well.
I would prefer to use ApplePay for everything. My phone and debit card both support it, and it’s more convenient and secure than any other method of payment. But the lack of standardisation of payment terminals, along with restaurants and a few merchants who’ll only take cash, are forcing me to insert my card – to avoid frustration using terminals that don’t work, even some with the contactless payment logo – and carry some cash. I hope the almost cashless day comes earlier than 2030. And we need to educate people about the advantages of cashless payment.
I guess it depends on where you shop. In the suburbs North of Montreal, I rarely have to pull out my wallet.
I guess it’s because I don’t go to suburban malls much. Some restaurants in Mile End/Little Italy only take cash, as do a few Montreal taxi drivers which is why I’m supporting Uber. I had the same problem at a Chinese restaurant in Scarborough recently. But what really bothers me are the machines that will let you swipe your debit card, but not your phone.
Also ApplePay is NFC which means there are transaction limits. This means, you can only spend around $50 on retail, $80 on grocery and $100 on gas with NFC (tap and pay). So Visa/MC would have to change those policies.
Amex doesn’t have a transaction limit on ApplePay. Hopefully the others follow suit.
I’d love to use Apple Pay whats holding me back is my Amazon Visa is not supported 🙁
There are better options than the Amazon Visa card for daily use. It doesn’t provide extra warranty on purchases and only gives 1% rewards on non-Amazon purchases. I got it for the 0% foreign exchange fees and for Amazon purchases. Cards like the Tangerine MasterCard give you three 2% categories (you pick them) and 1% on everything else while providing extended warranties on purchases. I’m sure there are other alternatives (also without annual fees).
You raise some good points 🙂 I will apply for one and use it to get 4% back on a new iPhone at the same time 🙂
Available categories are: groceries, restaurants, pharmacy, entertainment, furniture, gas, hotels, home renos, public transportation & parking, recurring bills – so no, there isn’t a category that covers electronics (would be easy to abuse).