As digital payment options become increasingly prevalent in Canada, with the release of Apple Pay and various Android payment options, more consumers will benefit from the added safety and security features digital payments afford. As it turns out however, the transition might take longer than some may assume.
A new report from Payments Canada focused on the methods and trends surrounding the way Canadians pay for things, indicates that mobile payment platforms aren’t yet as popular as some may think. In terms of the future, contactless payments increased by 70 in volume and value in 2015, while cash use has declined by 20 percent since 2011.
As for the past, the use of cheques continued its slow decline, falling by 25 percent since 2011, though use in Canadian commercial settings actually increasing by over two percent each year. Overall, the payments market in Canada grew to 20.9 billion transactions, for a total value of $8.9 trillion.
Read the full report over on the Payments Canada website.