Financial growth is merely a tap away.
Moneris released their Q3 Canadian spending report and it details the huge growth of contactless payment in the country. Overall, Canadian spending in total was up just over five per cent for the third quarter of 2017.
The amount of “tapped” away dollars grew 51.5 per cent in Q3. This new growth of contactless payment is the highest yet in terms of year-over-year statistics and signifies younger generations’ continued foray into mobile and digital financial solutions. The total number of contactless transactions grew 48.4 per cent over the same period.
This growth was expected though as it lines up with the widespread Canadian release of new payment options, mainly Android Pay. As new options continue to be introduced and fine-tuned, it’s likely that substantial year-over-year growth will maintain the same quick pace.
In terms of total spending for Canadians, every province saw growth except for Saskatchewan, which dropped 0.27 per cent. Newfoundland and Labrador declined last quarter but were able to rebound with 1.17 per cent of growth in Q3. British Columbia had the highest growth out of the provinces, seeing 6.32 per cent in total increases.
“All year we’ve seen a strong and steady climb in spending, and this quarter continues the trend, putting Canada’s economy in a good position moving into the holiday season,” said Angela Brown, the president and CEO of Moneris.
Spending over the summer perhaps boosted Q3 numbers, as Canada’s 150 celebrations drew in large numbers of tourists. The country saw an increase of over 12 per cent year-over-year for international credit card spending.
Check out the infographic below for more information on Moneris’ findings.