Lunchtime Trivia Tuesday, May 21

Q:  Experts say in the next 6 years, when it comes to our everyday activities,  this is only going to occur 10% of the time. What is it?

A:  Paying with cash.

By 2030, cash purchases will make up only 10 per cent of money spent in Canada, according to a prediction by Moneris Solutions Corporation (“Moneris”), Canada’s leading credit and debit card processor. Compared to 35 per cent of overall transactions in 20141, the 70 per cent decline will coincide with an increase in the use of digital payment technologies, especially among younger Canadians. Consumer misconceptions about (1) the security of mobile wallets and (2) the ability of mobile wallets to digitally store physical wallet contents (including plastic loyalty cards and receipts), are among the factors slowing the transition.

Canadian consumers are increasingly turning to contactless technology to make faster and more convenient payments. A recent Moneris survey of Canadians found that 67 per cent aged 18-34, 56 per cent aged 35-44, 48 per cent aged 55-64, and 49 per cent aged 65 and older, preferred to use a contactless-enabled (tap) card to make purchases – the same tap-to-pay method used in mobile wallets.

https://tinyurl.com/3xw78kuu