Survey Suggests Half Of Canadians Are Ready To Ditch Cash

Posted On: 6/5/2017

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TAGS: cashless vending, mobile payments, Canadian money trends, Payments Canada, Huffington Post report, digital wallets

Half of Canadians are ready to abandon cash altogether for digital payments, the Huffington Post reported, citing Payments Canada's new survey. The study found that 50% of Canadians are ready to do away with banknotes and coins, while two-thirds of respondents said they'd be open to ditching personal checks.

A 2013 study from MasterCard found Canada was third in the world -- behind only France and Belgium -- when it came to cashless payments and a MasterCard survey the same year found 90% of Canadian payments were made through noncash methods, Huffington Post reported.

While Canadians are open to parting with cash, only 13% of those surveyed said they have digital wallets, and 50% expressed anxiety about digital wallets.

Formerly known as the Canadian Payments Association, Payments Canada is a payments clearing and settlements system used by banks. The organization's poll surveyed 1,500 Canadians between March 23 and April 2.

Click here to read the Huffington Post's full article.