Canadian Use of P2P Payment Apps Supported by Financial Institutions:
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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2022 North American PaymentsInsights, Canada: The Rise of Digital Payments Emerging from COVID
Canadian Use of P2P Payment Apps Supported by Financial Institutions:
- 38% of Canadian respondents use one FI-supported P2P app.
- 16% of Canadian respondents use two FI-supported P2P apps.
- 10% of Canadian respondents use three FI-supported P2P apps.
- 9% of Canadian respondents use four FI-supported P2P apps.
- 7% of Canadian respondents use five or more FI-supported P2P apps.
- 19% of Canadian respondents do not use any FI-supported P2P apps.
About Report
Mercator Advisory Group’s most recent report, 2022 North American PaymentsInsights, Canada: The Rise of Digital Payments Emerging from COVID, analyzes the impact of COVID within Canada on consumer payment preferences. The report reveals generational differences in the use of a range of payment forms including cash, cheques, cards, and digital payments.
The report is based on the North American PaymentsInsights survey, administered in 2021 to a nationally representative sample of 1,002 Canadian consumers, ages 18 years or older.
“Payment technology is creating rapid shifts in consumer payment preferences, with COVID acting as a direct change agent, resulting in declines in use of paper payments via cash or cheques. At the same time, we are seeing emerging technologies such as peer-to-peer payments making a large impact on the consumer payment market,” says Amy Dunckelmann, VP, Research Operations at Mercator Advisory Group.
