Canadians are continuing to adopt contactless payment options like Google Pay and Apple Pay at rapid rates, according to a new report from Moneris, Canada’s largest processor of debit and credit payments.
The firm’s new ‘MonerisMetrics Quarterly Report’ found that nearly half of all transactions in the second quarter of 2018 were completed through contactless payment — the highest share since being introduced in Canada.
Further, Moneris states that contactless dollar volume increased 33.9 percent on a year-over-year basis, while the number of contactless transactions grew 31.8 percent during the same period.
In terms of specific provinces, Moneris found that Newfoundland, Nova Scotia and New Brunswick saw the largest contactless volume growth with increases of 42.7 percent, 41.3 percent and 39.4 percent during the second quarter, respectively.
The second quarter of 2018 was notable for marking the one-year anniversary of Android Pay in Canada, Google’s contactless payment option that has since been combined with Google Wallet under the Google Pay banner. Apple Pay, meanwhile, originally launched in Canada in November 2015 with American Express and later added support for other banks like CIBC and RBC.
“Contactless has become a preferred payment method for Canadians,” said Angela Brown, president and CEO of Moneris, in a press statement. “Consumers are increasingly looking for convenience in their shopping experience, and Canadian businesses have embraced the contactless trend and are clearly reaping the benefits of the seamless experience.”
However, overall spending growth in Canada is slowing down. Moneris reports that year-over-year spending in the second quarter increased by only 3.3 percent — the lowest quarterly growth in nearly four years.
Source: Canada Newswire