Are we ready to go cashless?

June 13, 2012 | Last updated on June 13, 2012
1 min read

The majority of Canadians (71%) say they don’t need to use cash to make purchases, up 27% from 2011.

So says a new Leger Marketing survey, which also revealed a quarter of Canadians currently go longer than a week without using cash at all.

“We’ve moved well beyond the tipping point towards embracing a digital future,” says Darrell MacMullin, managing director of PayPal Canada.

Read: CIBC, Rogers let customers pay with phones

More than four million Canadians already shop online, make payments using online accounts, and use web banking. In fact, more than half (54%) pays back small debts more frequently when using online financial tools due to their simplicity and efficiency.

Security and fraud remain major issues. A recent survey conducted by Ipsos Reid says 43% of smartphone users don’t trust their mobile apps will keep details safe, and 80% are still concerned about the privacy of mobile and online transactions.

Read: Preventing ID fraud