daVinci & CPPO reveals Canadians’ payment habits

By Pavithra R

Illinois based daVinci Payments, an enabler of on-demand real-time virtual and physical 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 study illustrates how Canadians’ payment habits have changed in the current consumer landscape and how they will continue into the future. The basic finding includes:

• Compared to 2019, online payments up by 22%,
• 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 percent 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.

“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,” said daVinci CEO, David Josephs.

The study’s release coincides with daVinci Payments’ launch of Push Payin 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. 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,” Noted Tracy Monson, daVinci’s Chief Product Officer.

Established since 1996, daVinci owned by Syncapay is a FinTech company that delivers corporate-funded payments with a greater value for all stakeholders. The company moves prepaid, Push Pay and other payments for businesses, their customers, employees, contractors, participants and channel partners around the world.