Lauren La Rose, The Canadian Press
TORONTO — Maureen Turner still makes a point of carrying coins and bills in her wallet — but not for her own personal use.
“I have four kids, and often the teenagers will say: ’I need $20 for lunch at school,”’ says the Georgetown, Ont., resident, whose children range in age from five to 15.
“I keep cash in my wallet sometimes just for my kids. Anything else I don’t see why I would need it.”
Many individuals among a growing number of Canadians finding there’s no longer a real need to carry cash.
An online survey of 1,000 people conducted by processing payments firm Moneris earlier this year found that 77 per cent of respondents preferred to pay for purchases by debit or credit card, and 65 per cent said they rarely buy anything with cash anymore.
Some individuals keep cash in my wallet sometimes just for my kids. Anything else I don’t see why I would need it
Moneris data shows a 162 per cent increase in tap transactions for the third quarter of this year compared to the same period in 2014.
Most Canadian banks have their own mobile apps that allow for some tap-based purchases — although there are varying limitations around which credit cards can be attached to accounts, what mobile operating systems are compatible, and which wireless carriers are on board.
2015 also saw the official launch of Apple Pay in Canada, although it, too, is limited. It’s only compatible with the newest iPhones and the Apple Watch, and can only be linked up with an American Express credit card.
David Wolman says he encountered just a few hiccups when he decided to shun cash for a year, which he documented in his book “The End of Money.”