COVID-19 payments trends
75 per cent of Canadians spending less than pre-pandemic; 62 per cent using less cash; 42 per cent avoid shopping at places that don’t accept contactless payments.
New data from a Payments Canada study on payment trends during COVID-19 reveals some dramatic shifts in Canadians’ payment preferences since the pandemic took affect in Canada. The study compared spending behaviours pre-COVID-19 and at week five of the pandemic, uncovering higher use of contactless payments, electronic payments, e-commerce, online/mobile banking, and lower demand for cash.
