The saying "I have no cash" doesn't mean the same thing that it used to. In fact, it seems that nowadays people are beginning to view it as a positive thing.

Research by Leger Marketing on behalf of PayPal Canada shows that 56 per cent of Canadians are comfortable with never having to handle cash to make a purchase and many would prefer to use a digital wallet to give money to others or pay for items when shopping.

The concept of the digital wallet has been steadily growing in popularity both domestically and globally. PayPal alone expects its mobile payment volume to increase by $2.25 billion this year alone. Based on the survey results, it seems that digital payment will be the choice of transaction for Canadians in the near future.

Let's get mobile

Over a third of respondents said that if given the choice they would rather carry a mobile phone to make a payment than a pocket full of change. The survey also shows that 36 per cent of Canadians would use their mobile device to buy a wide array of items, ranging from inexpensive products such as lattes to pricier items like iPods.
 
Like other digital services, mobile transactions seem to be driven primarily by the desire for speed and convenience. Almost 40 per cent of survey respondents noted that paying with their mobile phone would be more convenient and allow them to complete transactions from anywhere at any time. Cutting out the trip to the bank machine also proved popular, with 60 per cent of respondents stating that it would be easier to pay someone back digitally.

Mobile payment expected to grow

Already in Canada, a mobile transaction happens once almost every minute on PayPal alone. If we consider other mobile transactions services, the overall number of mobile transactions would be even higher.

According to PayPal, these numbers are expected to increase significantly with greater smartphone usage by Canadians. Some other perceived drivers of mobile transactions are increased consumer trust in the security of financial data in such transactions, savings on ATM and service fees, and transactional flexibility.

For more information on the study or on the company itself, visit the PayPal website.

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