daVinci Payments, a global leader in corporate-funded payments, today 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 August 6-7, 2020, pinpoints how shelter-in-place has affected payment habits and the impact those changes will have on the 2020 holiday shopping season and beyond.
“The spike in online shopping and mobile payments driven by COVID-19 is occurring across all ages,” explained daVinci CEO, David Josephs. “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,” Josephs added.
The following illustrate how Canadians’ payment habits have changed in the current consumer landscape—and how they will continue into the future.
- 96 percent have connected devices
- 88 percent of respondents who identify as Gen Z or Millennials use payment apps, while 51 percent of respondents who are 56 and older use payments apps
- 52 percent expect to do more than 50 percent of their 2020 holiday shopping online
- 49 percent of total holiday shopping is expected to be online
- 45 percent of all shopping is currently online
- 40 percent of respondents make half of their online purchases via their mobile device
The complete Future of Payments Canada report will be featured in a webinar and round table discussion with industry leaders on Tuesday, October 6 at 3 p.m. ET. To register for the webinar and receive a copy of the full report, please visit https://www.davincipayments.com/fop-cad-sign-up.
The webinar will be hosted by daVinci CEO David Josephs who has decades of experience in payments including Head of Debit and Prepaid at Visa for North America, leading Visa’s push payments business in Europe, and leading prepaid businesses for JP Morgan Chase. He will be joined in a round table discussion of the findings by Karen Budahazy, Chairman of the CPPO (Canadian Prepaid Providers Organization) who also serves as Vice President Digital Enablement and Issuing for Peoples Group, Jason Atkins, Founder and CEO of 360 Insights, the world’s leading channel success platform that provides rebate management, sales channel incentives, promotions management, payroll cards and prepaid card solutions to Fortune 100 companies and Skai Daliziel, Co-founder of Guusto, a 5-star rated platform that empowers companies to send branded e-cards to employees and customers and also provides non-monetary peer-to-peer recognition.
The study’s release coincides with daVinci Payments’ launch of Push Pay in Canada, which enables individuals and businesses to move funds instantly into their bank account via a debit card. “Bringing Push Pay to Canada is part of our focus to meet Canada’s growing demand for instant, secure, digital payments,” Noted Tracy Monson, daVinci’s Chief Product Officer. “As part of this focus, we launched tokenization in Canada earlier this year, enabling customers and organizations to add prepaid cards into popular mobile wallets to use online and via contactless in-person payments,” Monson noted.
About daVinci Payments
daVinci is a fintech company that delivers corporate-funded payments with greater value for all stakeholders. Blending art, science and a quarter-century of experience, daVinci masterfully moves prepaid, Push Pay and other payments for businesses, their customers, employees, contractors, participants and channel partners around the world. To, “Join The Movement™,” and learn more about daVinci’s payment solutions go to www.davincipayments.com/solutions. Connect with daVinci on Twitter and Linkedin. daVinci is owned by Syncapay, a holding company, “Investing in The New Frontier of Payments,” backed by Bain Capital Ventures and Silversmith Capital Partners.
About the Canadian Prepaid Providers Organization (CPPO)
The CPPO is a not-for-profit organization and the collective voice of the prepaid payments industry in Canada. It is the only association solely focused on this growing industry and is supported by major financial institutions, processors, fintechs, card networks and other industry players. For further information, visit www.cppo.ca Connect with CPPO on Twitter and Linkedin.