The MonerisMetrics Quarterly Report was released today by Moneris, Canada’s largest processor of debit and credit card payments. The report showed payment card spending increased by 3.3 per cent in the second quarter of 2018, while contactless payments continue to surge.
When it comes to contactless payments, Canadians continue to prefer the payment method, with Q2 seeing the one-year anniversary of Google Pay in Canada, another factor in driving up contactless payments.
Moneris says nearly 50 per cent of all transactions in the second quarter were via a contactless payment option, showing the highest percentage since launching in Canada. Looking at year-over-year comparisons, contactless dollar volume jumped nearly 34 per cent, while contactless transactions grew almost 32 per cent.
“Contactless has become a preferred payment method for Canadians,” said Angela Brown, President and CEO of Moneris, in a statement to iPhone in Canada. “Consumers are increasingly looking for convenience in their shopping experience, and Canadian businesses have embraced the contactless trend and are clearly reaping the benefits of the seamless experience.”
The provinces with the highest contactless volume growth were Newfoundland (42.7%), Nova Scotia (41.3%) and New Brunswick (39.4%).
One of the #firstworldproblems for Canadians is encountering retailers that don’t have tap enabled on their point of sale machines.