Canadians are finding themselves frustrated with cash and cheques and are opting to reach for their digital wallet instead, according to a new research study on the future of money.
When it comes to paying and getting paid, cash is no longer king. Canadians are rapidly adopting a digital currency, using a computer or mobile phone to conduct person-to-person transactions like splitting a restaurant bill or sharing costs. In fact, according to the research conducted by Leger Marketing on behalf of PayPal Canada, the number of Canadians who have sent money electronically nearly doubled in the last 12 months increasing from 28 to 50 per cent.
Why are Canadians going digital?
Three-quarters of Canadians indicate that they always want their money at their fingertips and the inconvenience of cash and cheques is leaving many of them frustrated. They’re starting to realize that using cash and cheques is not always free or easy, according to the Future of Money study, as many have found themselves incurring banking fees to withdraw money (80 per cent) or needing to write a cheque but unable to find their cheque book (51 per cent).
“We know that people often find themselves inconvenienced and frustrated when they don’t have any cash on hand,” said Nicky Mezo, PayPal Canada. “Instead of making an extra trip to the bank machine or pulling out a cheque book, Canadians are increasingly doing these transactions digitally to save time, reduce aggravation, and save money.”
How are Canadians dealing in digital dollars?
Canadians are increasingly accessing their dollars through a computer or mobile phone, according to the Future of Money study. The majority (62 per cent) of Canadians are transferring money online using their computer – whether it’s through an online payment service, like PayPal, or through their bank account – avoiding the costs or hassle associated with locating a bank machine or writing a cheque.
The study also reveals that Canadians are embracing their mobile phone as their digital wallet. Three-in-10 Canadians who use their mobile phone to transfer money say their use has increased over the past 5 years and one-in-five Canadians say, if they could, they would use their mobile phone to pay for everyday purchases from a retailer or to buy their morning coffee or lunch.
