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The future of payments in Canada

How consumer choice will shape the future of payments in Canada

Overview

Accenture surveyed 4,000 consumers in North America, including 600 Canadians, to understand their attitudes about payments and how they anticipate making payments by 2020. Results of the survey indicate that projections of a cashless society have been exaggerated, with just over half (52 percent) of Canadian consumers saying they expect to use cash on a weekly basis by 2020—resulting in only a 16 percent decrease from today. The survey showed that mobile payments are on the rise but providers must go “beyond payments” to reach the critical masses. While 28 percent of Canadian respondents have used their phone as a mobile payments device, 79 percent said they would increase their usage of mobile payments if discounts or coupons were offered. Over 50 percent of non-mobile payment users said they would be more interested in doing so if they were offered rewards and the ability of safely storing receipts on their phone.

Infographic

View the infographic to learn more on how to shape consumer choice.

Download the Canadian infographic

2014 North American Consumer Payments Survey infographic

About the research

Accenture conducted an online survey using a representative sample of 600 Canadian consumers in August 2014.

About Accenture:

Accenture is a global management consulting, technology services and outsourcing company, with more than 319,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.