Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
From Gaming to Gig Economy: How Canadians are Embracing New Payment Methods
CPPO | Jun 30, 2023
Image: CPPO
The popularity and satisfaction of prepaid methods have skyrocketed as Canadians increasingly adopt digital payment systems.
This trend is evident in a variety of new applications, such as 'Buy Now, Pay Later' (BNPL) schemes, immediate wage access for gig and contract workers, third-party delivery services, digital-centric accounts for transactions and savings, as well as digital wallets used for gaming and sports betting.
- Digital Payment Adoption Among Younger Canadians and BIPOC Communities:
- The research indicates a significant shift among younger and middle-aged Canadians (under 55), and those who identify as BIPOC, towards non-traditional, digital financial services indicating a growing market for digital banking and payment solutions.
- The report reveals that 60% of consumers are worried about using their credit card online, and many are turning to prepaid cards for online purchases because they believe it is more secure. This indicates a significant opportunity for businesses to offer prepaid options and emphasize security features to attract and retain customers.
See: Signals by Mastercard: Trends to Watch in the Future of Payments
- The Gig Economy and Immediate Payment:
- The gig economy has seen significant growth in Canada, particularly among younger demographics. These workers prefer immediate payment after completing tasks or shifts, suggesting a need for businesses to consider flexible and immediate payment options.
In conclusion, the digital transformation of the Canadian consumer payments landscape is reshaping how businesses should approach their payment methods. By understanding these trends and adapting accordingly, businesses can better meet the needs of their customers and stay ahead in the competitive market.
View the 10 page PDF report --> here
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