We Canadians are a very plastic bunch.
According to a survey by the Bank of Canada, we’re using cash to pay for fewer than half of our purchases.
Innovation in retail point-of-sale and online payment systems are cited for the shift, with people increasingly using their credit cards and tap & pay technology for their transactions. While credit card use has been steadily increasing since 2009, purchases made by debit card are falling.
And we’re not really sure that’s a good thing.
Here are six ways Canada is leading the world in purchases by plastic, via HuffPo:
– We make 68 per cent of our purchases by card, compared to 40 per cent in the rest of the world.
– The decision to kill the penny – which only a handful of countries have done – is a sign that physical currency is less important in our society moving forward.
– Even our bills are plastic.
– The Canadian Mint has developed a digital method of exchanging money in denominations of $10 or less.
– A recent PayPal survey revealed that 71 per cent of Canadians would be fine with never having to use cash again.
– Canada’s major financial institutions are already diving into the world of mobile payments.
#NOTABLE
Want more updates on the most Notable things happening so you know before your colleagues do? Get our exclusive newsletter here and follow us on Twitter for all the latest.