Over 50 percent of card present transactions were contactless in Q1 2019

Additionally, contactless payments grew by almost 25 percent

Credit card on computer

Moneris released its quarterly MonerisMetrics report, revealing that for the first time in Canada, contactless payments accounted for the majority of transactions where the card was present.

In total, contactless accounted for 51.5 percent of transactions.

Further, the report notes that first quarter 2019 saw contactless grow nearly 25 percent year over year. Overall, credit and debit card spending grew moderately at 2.5 percent.

Moneris also noted that eight provinces lead the charge in the contactless payment trend. Prince Edward Island leads with 59.2 percent of transactions using contactless. Manitoba comes in second at 58.2 percent, followed by Nova Scotia at 55.2 percent, Ontario at 54 percent, B.C. at 53.5 percent, Alberta at 52.1 percent, Saskatchewan at 51.6 percent and New Brunswick at 51 percent.

“Consumers want to get through a queue quickly, so a fast, simple payment experience is what they’re looking for,” said Angela Brown, Moneris’ president and CEO.

Interestingly, Brown also said Canadian consumers were “investing in experiences instead of goods in early 2019.”

For example, Canadians spent 34.1 percent more on theatrical productions, as well as 22.6 percent more on outdoor activities like booking campsites. Consumers also invested 11.4 percent more on landscaping services to avoid shovelling during the winter.

Finally — and coming as no surprise — Canadians spent 11 percent more on accountants and auditors and 9.3 percent more on tax preparation services as the tax season started up.

Source: Moneris