daVinci Payments, a global player in corporate-funded payments has released a new national study in partnership with the Canadian Prepaid Providers Organization (CPPO) that identifies how Canadians make and receive payments and the resulting effect on future shopping intentions.
The “Future of Payments Canada” study, conducted 6 – 7 August, pinpoints how shelter-in-place has affected payment habits and the impact those changes will have on the 2020 holiday shopping season and beyond.
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daVinci CEO, David Josephs, said:
“The spike in online shopping and mobile payments driven by Covid-19 is occurring across all ages. Traditional payment methods like credit, debit and prepaid cards are as popular as ever, but swiping physical cards themselves is giving way to new form factors like mobile wallets, apps and contactless payments.”
Changing payment habits
The following illustrate how Canadians’ payment habits have changed in the current consumer landscape—and how they will continue into the future:
- 96% have connected devices
- 88% of respondents who identify as Gen Z or Millennials use payment apps, while 51% of respondents who are 56 and older use payments apps
- 52% expect to do more than 50% of their 2020 holiday shopping online
- 49% of total holiday shopping is expected to be online
- 45% of all shopping is currently online
- 40% of respondents make half of their online purchases via their mobile device
Meeting a growing demand
daVinci is to release Push Pay to address Canada’s increasing demand for instant, contactless, online and mobile payment options.
From its Buffalo Grove, Illinois headquarters in the US, daVinci Payments Inc. serves customers worldwide.
The company provides prepaid bankcard solutions. It focuses on incentive and promotion, rebate, gift card, agent banking, payroll, restricted spend, and pharma programs.
