Payment Methods

Survey Shows Canadians Willing To Toss Their Checks, But Nervous About E-Wallets

A new survey from Payments Pulse has found that the majority of Canadians are ready to stop paying with checks, and half are willing to do the same with cash.

Finextra reported that the survey, conducted by Payments Canada and Leger Marketing, found that 66 percent of respondents are willing to let go of checks, while 50 percent feel the same way about cash.

But while many applaud the convenience of electronic payment tools, such as e-wallets, only a few Canadians (less than 15 percent) have adopted these innovations so far. In fact, 50 percent said they were somewhat to very anxious about the arrival of e-wallets.

Of the only 13 percent of Canadians who have adopted e-wallets, 83 percent said convenience is the greatest benefit. And while a majority would not be willing to pay a fee (70 percent) for such convenience, a high percentage of respondents (48 percent) are willing to trade a certain amount of privacy.

Canadians write an average of three checks a month worth a total value of $245, and 27 percent have deposited a check using their smartphone camera, with a whopping 97 percent satisfaction rate.

And while only 19 percent of respondents say that they shop online, 41 percent have stored their personal credit card information within a mobile app or an online eCommerce site, with nine out of 10 people confident in its security.

“As we modernize the Canadian payments system, it is important to regularly take the pulse on the attitudes and behaviors of Canadians,” said Gerry Gaetz, CEO of Payments Canada. “This data demonstrates a natural ambivalence around emerging technological advancements in payments but endorsement from early adopters, which often signifies a tipping point. This is an important insight for Payments Canada and our financial institution participants as we collaborate on the future of Canadian payments.”

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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