There's a growing number of Canadians finding there's no longer a real need to carry cash.
An online survey of 1,000 people conducted by processing payments firm Moneris earlier this year found that 77% of respondents preferred to pay for purchases by debit or credit card, and 65% said they rarely buy anything with cash anymore.
Moneris data shows a 162% increase in tap transactions for the third quarter of this year compared to the same period in 2014.
Most Canadian banks have their own mobile apps that allow for some tap-based purchases — although there are varying limitations around which credit cards can be attached to accounts, what mobile operating systems are compatible, and which wireless carriers are on board.
What's more, 2015 also saw the official launch of Apple Pay in Canada, although it, too, is limited. It's only compatible with the newest iPhones and the Apple Watch, and can only be linked up with an American Express credit card.
Participants in a Toronto Region Board of Trade panel on Canada's readiness for a cashless future pointed to advantages for both buyers and sellers in embracing high-tech transactions.
Data from cashless transactions can help businesses make better strategic decisions and woo consumers.
While there is an obvious convenience to mobile and credit card payments, a consumer debt expert says shoppers still need to set spending limits to avoid spiraling into debt.
