The transaction processor released the results of its second annual Canadian Consumer Payment Choice Study today (June 25), which showed 46 percent of Canadian consumers prefer to pay using credit cards over other forms of payment. The results show an increase of 34 percent from 2014.
According to the online survey of more than 1,200 respondents, the use of credit among the consumers may continue to rise, based on a strong preference for using credit cards when online shopping and the overall continued growth in eCommerce.
“Consumers have more payment options than ever before due to the continuing proliferation of new technology and nontraditional companies entering the payments industry,” TSYS group executive of relationship management John Dale Hester said. “Our goal from this survey is to provide relevant information to help our clients with their payment strategies and to create a useful reference tool for other participants in the Canadian payments industry.”
TSYS’ research explores the payment preferences of Canadian consumers and what factors have the strongest influence on cardholder behavior. The survey results offer insights on the increasing mobile adoption in payment processing and the ways in which consumers prefer to engage in communication with banks.
Among the respondents, the research shows there is a demand for more information surrounding the integration of mobile phones and financial data.
The Canadian consumers surveyed showed an interest in using mobile devices to manage and protect their financial accounts.
“Nearly 30 percent of survey respondents indicated they were highly interested in the ability to use a mobile phone to stop an unauthorized transaction. Additionally, 25 percent of respondents found the ability to instantly view card transactions highly interesting,” the company statement said.
Not only are consumers open to communications from financial institutions, but the survey showed a high adoption and frequent use of the mobile apps that financial institutions offer.
To learn more about Canadian consumer preferences and to get complete survey results visit: http://www.tsys.com/2015canadianconsumerpaymentchoicestudy
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