More Canadians Going Cashless Thanks To Apps, Credit And Debit Cards
TORONTO — Maureen Turner still makes a point of carrying coins and bills in her wallet — but not for her own personal use.
“I have four kids, and often the teenagers will say: ‘I need $20 for lunch at school,'” says the Georgetown, Ont., resident, whose children range in age from five to 15.
“I keep cash in my wallet sometimes just for my kids. Anything else I don’t see why I would need it.”
She’s among a growing number of Canadians finding there’s no longer a real need to carry cash.
An online survey of 1,000 people conducted by processing payments firm Moneris earlier this year found that 77 per cent of respondents preferred to pay for purchases by debit or credit card, and 65 per cent said they rarely buy anything with cash anymore.
“I keep cash in my wallet sometimes just for my kids. Anything else I don’t see why I would need it.”
“I do think people will continue to use cash because it’s been around so long…. But this growth in contactless (payments using credit cards or mobile apps) I think is going to lead towards that end of cash.”
Moneris data shows a 162 per cent increase in tap transactions for the third quarter of this year compared to the same period in 2014.
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