TSYS has announced the results of its 2014 Canadian Consumer Payment Choice Study. The primary consumer research study utilizes both quantitative and qualitative data, gathered through an online survey and in-person focus groups, to gauge how Canadian consumers make payments today and how their payment preferences may change in the future. The results provide helpful information for developing and confirming payment strategies and initiatives.
“TSYS is committed to providing its clients and other payments industry participants with insights into current and evolving payment trends in Canada,” said Joe Majestic, director of Corporate Strategy and Planning, TSYS. “Our research confirms a preference for traditional debit and credit products, while also identifying an awareness of and interest in emerging payment options. The results indicate that cardholders need education on the security of emerging mobile payment solutions.”
More than 1,000 consumers who have and use both a debit card and a credit card were surveyed on payment choice, what they value most, what might influence them to change how they pay, and their opinions on select new payment offerings.
Key findings include:
Credit and debit cards are generally the preferred payment choices. Among consumers who use both, they do so almost equally.
Credit was overwhelmingly preferred online — a finding supported both by the survey results and focus group discussions.
Cardholders were interested in the ability to prevent fraud by reviewing their transactions with a mobile phone.
Rewards and other economic incentives continue to drive payment behavior, although convenience, security and interest rates were prime motivators as well.
A majority of respondents were interested in incorporating charitable giving into their everyday spend.