Digital payments continued to grow in Canada over the 2016 holiday season

A recently released report by Moneris reveals that Canadians continued to adopt contactless payments in the fourth fiscal quarter of 2016.

Tap-and-pay transactions continued to be a popular choice for Canadians during this past October to December, as the transaction format saw a 120.73 percent increase in dollars spent compared to the same time in 2015.

Furthermore, that number increased on Black Friday when almost half, or 47.1 percent, of transactions were completed using tap-and-pay, as opposed to a 2015 rate of 30.04 percent.

Overall, consumer spending in Canada saw a 4.19 percent year over year increase during the quarter, according to the MonerisMetrics Quarterly Report. 

“We observed increases in consumer spending throughout every quarter of 2016, but that growth declined slowly and steadily over the course of the year,” said Angela Brown, president and CEO of Moneris, in a statement.

“As we enter 2017, we expect a trend of modest growth to continue as Canadian policy-makers react to a changing global landscape and broader challenges present in the Canadian economy.”

Digital payments have been steadily growing in use among Canadians over the course of the past few years as more and more residents adopt tap-and-pay solutions as well as application-based payment solutions such as Apple Pay and Samsung Pay.