Paper Money Seeing An End In Sight

Canadians are spending less and preferring contactless payment methods, says a study by Payments Canada. Forty per cent of Canadians report that COVID-19 has changed their payment preferences for the long-run, while 60 per cent of Canadians say they are spending less than before the pandemic. Additionally, 43 per cent of Canadians feel uncomfortable using cash and cheques in-store and 48 per cent are now increasing their use of eCommerce platforms, including online banking. Cyrielle Chiron, the head of research and strategic foresight says, “the reality is that Canadian consumers and businesses want more efficient, faster, and more secure payment options, so we can expect this trend to continue long-term with a focus on payments innovation."