Canadians Increase Use of Online Banking Tools, and Remain Wedded to Cash and Debit

by Mercator Advisory Group 0

Bank of Montreal has released the results of a survey of Canadian consumers carried out within the past month, to understand current preferences with respect to payment processes. Canadians remain cautious with their use of credit during this period of recovery, but are increasing their use of electronic payment forms.

The report quotes Su McVey, vice president, BMO Bank of Montreal:

“Whether they’re browsing the web for deals, paying utility bills or simply re-stocking the house with groceries, convenience appears to be the number one driver for Canadians when it comes to how they make purchases.”

BMO goes on to report:

“Canadians have increased their use of electronic funds transfers by 34 per cent, with two thirds of Canadians (63 per cent) using this method to pay their bills.”

Further details disclose that Canadians continue their general preferences for cash and debit card use, with lesser emphasis on credit cards, although habits differ somewhat by provinces of the country.

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