When it comes to paying and getting paid, cash is no longer king.
More and more Canadians are adopting a digital currency, using a computer or mobile phone to pay for tickets or parking as well as person-to-person transactions like splitting a restaurant bill or sharing costs, says PayPal, the leading online payment service.
And business is booming.
The majority of us (62 per cent) are regularly transferring money online using our computer – whether it’s through PayPal, newcomers like Popmoney and Venmo, or through our bank account using the Interac network.
According to PayPal’s research, 33 per cent of those who also put their mobile phone to use this way say their use has increased steadily in recent years, and 20 per cent say, if they could, they would use it to pay for everyday purchases like their morning coffee or lunch.