One thing is certain: A global cashless economy and a totally monitored and controlled society are in the making. Fiber optics, satellites, and computer databases have the potential to control the world in a way that boggles the imagination. Many governments and private corporations worldwide are already pursuing policies to eliminate cash and checks, while many other countries are testing various methods of doing business without physical currency. - Joseph Candel
The idea of living in a cashless society is gaining considerable momentum in Canada. A new survey conducted on behalf of PayPal Canada by Leger Marketing shows that 71 per cent of Canadians are comfortable with never having to handle cash to make a purchase, up 27 per cent from 2011.
In fact, many Canadians are already embracing this shift – a full quarter (25 per cent) of survey respondents go more than a week without using cash.
“The growth we’re seeing in Canadians’ eagerness to go cashless is significant,” said Darrell MacMullin, managing director, PayPal Canada. “In Canada, 2012 marks the year that we’ve moved well beyond the tipping point towards embracing a digital future.
More than four million Canadians already have PayPal accounts which enable them to go cashless by offering a secure digital wallet service. Canadians already use PayPal to pay and get paid using their bank account, credit cards and PayPal balance from their computer, smartphone or virtually any Internet-connected device.
According to the survey, 56 per cent of Canadians are more likely to forgive and forget when someone owes them money for an everyday purchase, rather than follow-up about it.
The “request money” feature on PayPal’s app is an easy way to ask a friend or group of people for the money that is owed. Similarly, the app’s “send money” feature is perfect for people that don’t like the idea of owing anyone money – more than half (54 per cent) of survey respondents pay back small debts immediately.
With PayPal sending money to friends and family in Canada is free if the transfer is funded by a PayPal balance or bank account.
PayPal is the safer way to pay and get paid on mobile devices – security and privacy are built into the service. PayPal doesn’t store personal or financial details on any device, and never shares details such as a credit card number, bank account number or PayPal balance with merchants.
PayPal’s secure approach to mobile payments is important to making a cashless future a reality in Canada, as many Canadians have expressed concerns about the security of mobile payments.
Results from a recent survey conducted by Ipsos Reid on behalf of PayPal Canada reveal that 43 per cent of Canadian smartphone users don’t trust that their mobile phone applications and hardware will keep their personal details safe and secure, and 80 per cent are concerned about financial privacy and sharing personal or credit card details when making mobile purchases and transactions.