Canada has removed the “penny” and $500 note from its currency, as more and more Canadians are opting for digital, paperless payments.
According to a recent survey by Payment Pulse, the majority of Canadians are willing to change to digital payments for financial transactions.
Many Canadians have stopped using checks completely and half say they try to avoid cash transactions.
On the flip side, more than 50% of Canadians are still reluctant to adopt digital e-wallets systems.
Only 13% of Canadians have opted for digital e-wallet systems so far. The survey also showed that Canadians are also still wary of emerging technologies like self-driving cars and artificial intelligence. Let’s explore further…
The age of electronic payments and e-wallets
The Payment Pulse survey also showed that 83% of Canadians who use e-wallets are satisfied with the service, and even willing to trade their privacy to take advantage of its convenience.
Almost 90% of digital service customers who have shared their credit card information on various e-commerce websites and apps, demonstrated full confidence in the security system maintained by top-notch blockchain services. However, only 27% of customers were in favor of depositing checks via mobile phone.
Development of digital payment organizations
Economists believe we’re currently in a transition period when it comes to cash transactions in Canada. Consumer sentiments are starting to change regarding digital transactions, and the notion of carrying no money.
Nonetheless, Canada’s digital payment industry needs develop rapidly to meet the high targets set by our global counterparts.
The digital payment industry still needs infrastructure improvements before it can successfully underpin Canada’s economic and financial system. Failures to properly adhere to financial laws have hampered widespread adoption of digital services.
According to the CEO of Payment Canada, Gerry Gaetz, Canada is close to seeing real progress on digital payments. He believes the survey results show a natural ambivalence for advanced payment methods and other emerging technologies.
However, positive feedback from current digital service users can be taken as an endorsement of the process, and will hopefully help to persuade more customers to adopt it.