About 46% of Canadian consumers prefer to pay using their credit cards more than any other payment method, compared to 34% in 2014. Nearly 30% indicated they were highly interested in the ability to use a mobile phone to stop an unauthorized transaction.
According to the TSYS 2015 Canadian Consumer Payment Choice Study found that consumer preferences for using credit cards to shop online, combined with an overall increase in e-commerce, will likely cause a continued rise in credit use.
In addition to providing insight into basic payment preferences and influencers of cardholder behaviors, the study also revealed how consumers prefer to communicate with their bank, as well as a growing adoption of the mobile channel as a part of the payment process. Other key findings include:
• Consumers are interested in using their mobile phones to manage and protect their accounts. About 25% of respondents found the ability to instantly view card transactions highly interesting.
• Mobile apps offered by financial institutions have been highly adopted and are frequently used. Twenty-four percent of participants reported using a mobile app provided by their financial institution at least a few times per month.
• Cardholders are open to receive communications from their financial institution. Nearly 50 percent of survey respondents indicated they were willing to receive coupons or special offers based on the information their bank collected about their purchase behavior.
For data, background and forecasts on Canadian Payments: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).