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Canadians increasingly using contactless payments
21 Feb 2012

Canadians are increasingly using contactless e-money payments to pay for goods, according to new research.

The Canadian Press has obtained a report from the Bank of Canada which shows that credit and debit cards account for more than 70 per cent of the total value of transactions made in the country.

This is despite the fact that cash accounts for 53.8 per cent of all transactions, showing that Canadians prefer to use their cards to pay for high-value items.

New technology is also prompting more consumers in the country to move away from cash, with contactless smart cards among the key drivers behind the growth of electronic payments.

"Although contactless card features were just introduced in Canada a few years ago, there is already evidence of their effect on cash usage," the report states.

"More recent innovations allow debit and credit payments through mobile phones, as well as make credit card payments quicker for low-value transactions by eliminating the requirement to provide a signature."

Survey respondents were asked to keep a diary of their spending habits as part of the research.