The Rise of Digital Payment Methods in Canada

In recent years, Canada has seen a major shift towards digital payment methods. With the increasing use of smartphones, online shopping and the growing importance of convenience, traditional methods of payment such as cash and checks are on the decline. According to a study by Payments Canada, digital payment transactions, including credit cards, debit cards, and e-transfers, reached a total of 20.5 billion in 2018, up from 18.3 billion in 2017. This trend is expected to continue as more and more Canadians embrace the benefits of digital payments.

One of the main reasons for the rise of digital payment methods in Canada is the convenience they offer. With the increase in online shopping, consumers are looking for safe and easy ways to pay for their purchases. Digital wallets, such as Apple Pay and Google Pay, allow users to store their credit card information securely and make payments with just a tap of their phone. Additionally, e-transfers have become a popular way for individuals to send money to family and friends or pay bills without the need for checks or cash. This not only saves time, but also reduces the risk of fraud and theft associated with carrying physical forms of payment.

The COVID-19 pandemic has also accelerated the adoption of digital payment methods in Canada. With the emphasis on physical distancing and minimizing contact with others, many businesses have started accepting contactless payments,