A recent study has found that while 99 per cent of Canadians have a bank account, there is a growing interest to adopt alternative payment tools, which are typically considered more convenient.
Prepaid cards continue to grow in both usage and popularity, for example. At the same time, 13 per cent of consumers are using bank accounts less, according to the annual “How Canadians Pay Today Survey,” which surveyed more than 1,000 Canadians.
98% of us have credit cards, but 31% do not want to have one, according to the survey, which was conducted by Leger. 80% do not like to carry a lot of cash and 58% are making fewer cash purchases than last year, suggests the survey, which was commissioned by the Canadian Prepaid Providers Organization.
“Canada has both a highly-banked population and many consumers with a strong willingness to try new financial services products,” said David Eason, CPPO cofounder and Chairman of the Board. “This year’s survey revealed that younger Canadians in particular are adopting emerging payment tools that are more convenient and secure. Prepaid cards topped the list as the fastest-growing payment product and boasted the highest level of satisfaction among payments tools.”
33% of Canadians do not want to use traditional banks because alternative providers and new tools are cheaper and more convenient. 26% of consumers want to move to more digital payment tools such as Apple Pay.
44% of Canadians have struggled to stick to a budget in the last year. 26% often keep a running balance on their credit card, and 25% have struggled with their credit score. 40% have usually had credit card debt.