Credit cards are Canadian consumers’ preferred payment method

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A recent study has revealed how nearly half of Canadian consumers prefer to make payments by credit card, more than any other method of paying.

The research, carried out by TSYS, points how the popularity of the credit card as a payment method has risen considerably with the 46 per cent of consumers who prefer to use them marking a 34 per cent increase from 2014.

“Consumers have more payment options than ever before due to the continuing proliferation of new technology and non-traditional companies entering the payments industry,” said John Dale Hester, group executive of Relationship Management at TSYS.

The study has also revealed how there is a growing adoption of the mobile channel as part of the payment process.

Nearly a third (30 per cent) of respondents have said they were very interested in using a mobile phone to stop an authorised transaction. A quarter said they would like to have the ability to instantly see card transactions.

Canadian cardholders also said they are open to receiving communications from their bank, with 47 per cent saying that they would not mind receiving coupons and special offers based on the information the bank collected about their purchasing habits.

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