Do you remember the last time you paid for something using cash?
A recent report from Mastercard found many Canadians are eschewing cash in favour of newer, more convenient methods of payment.
According to the findings, 94 per cent of Canadians are considering using an emerging payment method within the next year.
Additionally, as the pandemic has forced many businesses to adjust the forms of payment they’ll accept, 84 per cent of Canadians now expect to be able to pay however they want, and 50 per cent said they would avoid businesses that do not accept electronic payments of any kind.
Further, since the onset of the pandemic, 44 per cent of respondents reported having tried a new method of payment they otherwise would not have, while 52 per cent of Canadian millennials said they were open to using cryptocurrency more now than they were one year ago.
Moreover, 38 per cent of respondents said they are excited about new, biometric verification methods, and 40 per cent believe they are more secure to use than a personal identification number.
“The pandemic made us think differently, partly out of necessity,” Craig Vosburg, chief product officer with Mastercard, said in the report.
“To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on. As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone,” he continued.