Pandemic Accelerates Payment Trends

Evolving technology and payments innovation continues to transform the way Canadian consumers and businesses make payments, says Payments Canada's annual ‘Canadian Payments: Methods and Trends 2020’ report. In pursuit of more convenient, faster, and secure payment experiences, Canadians continue to adopt new and evolving digital payments methods and channels including contactless (tapping card or mobile phone), wearables, in-app payments, and eCommerce. Tracey Black, president and CEO of Payments Canada, says, "The migration to digital payments, a trend that we have observed for a number of years, has been accelerated by the COVID-19 pandemic. More than ever, we are seeing that Canadians' payment preferences can be impacted by available payment options, for example, contactless payment. Innovation will continue to evolve consumer and business expectations regarding payment flexibility and efficiency."