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Money, money, money: Canadians show interest in new payment methods

Almost a majority amount of Canadians said they would like new forms of legal tender

Canadians would like additional forms of legal tender, a recent survey suggests.

A survey of over 3,000 adults from Canada, Australia and the United States conducted by Compare the Market says that 49 per cent of Canadians would like additional options to pay for things.

Currently in Canada, paying by cash, debit or credit are the most common ways people make purchases – 43 per cent of Canadian survey participants said their go-to payment method is credit cards.

Thirty-three per cent use debit, and only 17 per cent reach for cash first at the checkout.

Respondents aged 25 to 35 years old said they use digital wallet options like Apple Pay more than a physical card.

Very few respondents said they opt for methods like cheques or staggered payment methods.

READ MORE: Be careful with buy now, pay later deals for nominal purchases: experts

The survey also asked about the pandemic, and how methods of payment may have adapted alongside public health recommendations.

Though 38 per cent of Canadians said they did see a change in how businesses handled and accepted cash, 34 per cent of respondents said their own purchasing habits did not change.

The most notable shift was 32 per cent of Canadians saying they switched to the tap function as opposed to inserting or swiping.

Only 24 per cent changed completely from cash to card because of COVID-19.

The only upcoming changes to Canadian currency the Royal Canadian Mint has announced is the replacing of the late Queen Elizabeth II with King Charles III, in keeping with the Canadian tradition of having a ruling monarch on the $20 bill.