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Canadians are relying heavily on their credit cards to pay for things during the COVID-19 pandemic, according to a new survey.
In the online survey from Research Co, Canadians said they used a credit card to complete 50% of their purchases over the past month, a 26-point increase since a similar Research Co. survey conducted in February 2019.
Three-in-ten purchases from Canadians were finalized through a debit card. Across the country, 12% of purchases were conducted with a cheque, 4% with an e-transfer or through a smartphone, and only 3% with cash.
Residents of British Columbia reported that 53% of their purchases over the past month were conducted through a credit card.
Canadian women report that about a third, or 34%, of their transactions involved a debit card, compared to 27% for Canadian men.
“These numbers outline a drastic transformation from 2019, and show that the COVID-19 lockdown has decidedly altered the way Canadians are buying things,” says Mario Canseco, President of Research Co.
“This change in behaviour is also leading many Canadians to believe that biometrics will be required to complete purchases in the near future.”
In February 2019, only 8% of Canadians said they expected to rely on biometrics such as iris scans, fingerprints or palm recognition to make purchases within the next 10 years.
That percentage has drastically increased this month. Now, more than half of Canadians believe people will use biometrics to buy things in the next decade.
Across the country, half of Canadians said they would like to see people utilizing biometrics to make purchases, while 35% disagree and 15% are undecided.
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