Cash transactions in Canada will decline by nearly 70% by 2030 with an increase in the use of digital payment technologies, according to a prediction by credit and debit card processor Moneris.
Moneris predicts that by 2030, cash purchases will make up only 10% of money spent in the country; and digital technology will lead the way especially among younger Canadians.
A recent Moneris survey of Canadians found that 67% of Canadians aged 18-34, 56% aged 35-44, 48% aged 55-64, and 49% aged 65 and older preferred using contactless-enabled (tap) card to make purchases.
The survey also found that 25% of Canadians aged 18-34 preferred making transaction with mobile wallets, while 62% of them are unsecure about the security of wallets.
Moneris chief product officer Rob Cameron said: "More Canadians – especially younger ones – are tapping their cards to pay as opposed to inserting them into payment terminals.
"We've seen the number of contactless transactions more than double this year, which is a strong indication that mobile payments are going to see a huge lift."