Moneywise: Canadians’ wallets are going digital

As technology and payment options advance, Canadians’ wallets increasingly are going digital.

One definition of the digital wallet – also known as an e-wallet – is a system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with contactless communications technology.

Digital wallets can be used in conjunction with mobile payment systems that allow consumers to pay for purchases with their smart phones.

They can also be used to store loyalty card information and digital coupons.

By storing all of a consumer’s payment information securely and compactly, digital wallets largely eliminate the need to carry a physical wallet. Also, digital wallets are a potential boon to companies that collect consumer data.

The more companies know about their customers’ purchasing habits, the more effectively they can market to them. The downside for consumers can be a loss of privacy.

Recent studies show clearly that the trend to digital in virtually all areas of life and commerce is speeding up.

A survey from the Canadian Radio-television and Telecommunications Commission (CRTC) shows Canadians have a voracious hunger for the Internet and data.

The number of wireless subscriptions is growing, mobile data usage is up and Canadians are shelling out more money for more data and faster speeds from their home Internet.

Another recent report from Accenture shows the trend toward mobile banking and payments is increasing, led primarily by Generation Z (18-21 year olds).

“The CRTC data is not surprising since this is a continuing trend,” Robert Vokes, managing director, financial services with Accenture Canada said in an interview.

“Gen Z’s desire for instant gratification is driving this wave for ubiquity and connectivity. Today, speed is king.”

The report found that 80 per cent of Gen Z would give up television for a day and, remarkably, 28 per cent said they would even give up friends or money to keep their mobile phone.

Gen Zers, who will make up 20 per cent of the population in just three years from now — are “naturally digital” and gravitate to mobile banking apps, with 69 per cent using them daily or weekly compared to just 17 per cent for Baby Boomers.

“Gen Zers want their mobile wallets to think for them,” the report says.

“One example would be a wallet that automatically chooses the card that offers the best rewards or savings.”

Just Posted

People hurt in rollover near Red Deer

Occupants of a vehicle that rolled south of Hwy 11A were airlifted… Continue reading

Eager-beaver cannabis entrepreneurs already waiting outside Red Deer City Hall

Appications will be accepted on a first-come basis starting on Tuesday

Like father like son: Red Deer area Dreeshen family dedicates life to public service

There are three jobs that could be considered the Dreeshen family business:… Continue reading

Restaurant owner concerned about Gasoline Alley road changes

Nearly 20 trucks were lined up on the service road in front… Continue reading

Preliminary hearings set for two men charged in weapons and drugs bust

A Red Deer man and Sylvan Lake man are facing 80 charges

WATCH: Hypnotizing show at Westerner Days

Hynotist and mentalist Joshua Seth performs three times a day at Westerner Days

WWII hero’s lost Purple Heart returned to his family

NEW YORK — A lost Purple Heart medal has been returned to… Continue reading

California girl, 2, accidentally shot and killed by boy, 4

SAN BERNARDINO, Calif. — Authorities say a 4-year-old boy accidentally shot and… Continue reading

A hairy issue: Sailors tell the US Navy, ‘We want beards’

PROVIDENCE, R.I. — Now that women in the Navy can wear ponytails,… Continue reading

PHOTOS: River Town Saints rock Red Deer

River Town Saints play Westerner Days Friday in Red Deer

PHOTOS: Dogs, horses and more animals at Westerner Days

Westerner Park’s pavilions were filled with animals during Westerner Days

Red Deer residents can’t get enough mini-doughnuts

Mini-doughnuts were the biggest draw to Westerner Days according to a Red… Continue reading

Four-car crash, including RCMP vehicle, on Highway 2

Two sheriff vehicles were also involved in the collision

Divers hunt for 4 after Missouri duck boat sinks, killing 13

BRANSON, Mo. — Divers are searching Friday for four people still missing… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month