How Do Canadians Feel About Going Cashless? The Results May Surprise You

By: Kuljit Grewal  |   July 16th, 2012   |   Business, News, O Canada, Smartphones

According to a telling survey conducted by Leger Marketing on behalf of PayPal Canada, the majority of our nation’s citizens would be completely comfortable never having to handle any cash in order to make their purchases again. The results of the online survey, conducted between May 28 – May 31, 2012 found that 71% of Canadians are more than comfortable with the idea of paying for their expenses without the use of cash.

 

Even more remarkable is how quickly and considerably the views of those polled had changed as compared to last year’s survey. 56% of last year’s respondents were comfortable going cashless, a year over year change of 15%. Many of those who support going cashless already go more than a week without using cash, 25% to be exact.

 

Much of this can be attributed to the amount of banking and finance apps many of us have on our Smartphones including PayPal Canada, which allows the transfer of funds between parties more quickly and easily than ever before. Although online banking and PayPal for that matter have existed for quite some time, it is a relatively recent phenomenon that may be sparking the quick move towards a cashless society; mobile payments. A potential swipe of a Smartphone will indeed trump a pocketful of spare change, or at least that is what the figures seem to indicate.

 

Many companies are aggressively integrating NFC based technology into their places of business, with the latest phones; Samsung S III and potentially the upcoming iPhone 5 to name two. Industry giants such as Apple and Facebook have already expressed interest in introducing digital wallet and payment type applications for their users. Others, like innovative company Square have gained clout in the industry that will only continue to grow given how we use and interact with our mobile devices. Although I personally will miss the feeling of money in my hands, there is no denying the potential that mobile payments has moving forward.