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article imageStudy: Canadians fine living with a digital wallet

By KJ Mullins     Jun 28, 2011 in Business
A recent PayPal Canada study found that the majority of Canadians are comfortable when it comes to being cashless and having a digital wallet.
Fifty-six percent of those surveyed said they would be okay not dealing with cash to make purchases using digital means to pay for items or give others money.
PayPal Canada's recent market research by Leger Marketing found that Canadians have trust in the digital wallet. More than four million Canadians use PayPal with their bank account and credit cards providing the funds. Using their computer and smartphones they can check their online balances at any time.
The survey found that 36 percent of Canadians would make mobile payments using their smart phones while out instead of carrying cash. In 2010 PayPal reported $750 million in mobile payments.
"A Canadian uses PayPal as their digital wallet once every second because they want greater flexibility, security and convenience in how they pay and get paid," said Darrell MacMullin, managing director, PayPal Canada in a press release. "From avoiding the search for ATMs, to finding easier ways to split restaurant bills with friends or making payments anytime, anywhere and from virtually any device, Canadians want easier, faster and safer ways to shop, share expenses, send money or get paid back."
The digital wallet concept has become big news lately in Canada with mobile apps cropping up including one from the Bank of Montreal. With a quick tap of their smart phone consumers can make buys without having to hand over a debit card or cash. There are some concerns that it will be a new way for criminals to commit consumer fraud and ID thefts.
Visa is trying out their 'wave and pay' services in New Yourk City and San Francisco this summer. Gary Hocking, the Payments Council's acting chief executive, said: "The introduction of mobile payments will offer more choice to customers, simplifying how we can make a financial transaction and increasing flexibility in our everyday lives."
Google's Wallet service will launch in the summer for US customers only at first.
More about Paypal, digital wallet, Smartphone, Google, Finance
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