How close is Canada to becoming a cashless society? While Canada may not be giving up on cash completely, it is clear that credit cards and debit cards are much preferred methods of payment. When it comes to using debit cards, Canadians certainly know a thing or two.
According to Interac, there were 6.6 billion Interac debit transactions in 2023. That same year, there were 1.18 billion Interac e-transfer transactions. As well, there were 218 million verification and authentication transactions last year. “Every year, millions of Canadians and businesses use Interac products and solutions to send and receive money, verify themselves (or their customers) digitally, and buy the things that matter most,” their website makes clear.
Canadians love to send e-transfers.
As Interac affirms, debit cards are far more useful than cash. Cash, of course, is used to pay for purchases. That’s pretty much all it does. Debit cards, on the other hand, can be used for much more than simply paying for purchases. E-transfers are widely used between Canadians to send money to each other.
By having an Interac debit card, people are able to e-mail money back and forth with a few button clicks on their smartphones. The convenience that debit cards offer their users is unparalleled. Let’s not forget how easy these cards are to use when shopping.
“Debit card payments allow you to complete transactions without having to fumble for cash, dig around in your purse or pockets for exact change, write out a check or go to an ATM,” explains Connecticut’s National Iron Bank. Evidently, our friends south of the border agree!
Debit cards offer widespread security.
No matter where you go in Canada, your debit card is accepted. As well, no matter where you may lose your debit card, it can be replaced. This is yet another top benefit of using these cards. They provide great security to their users. Lost or stolen cash is often gone forever. Lost or stolen debit cards can be replaced following quick phone calls to their providers.
In addition, fraudulent charges placed on lost and stolen cards can be contested. That way, their true owners are not held responsible for making payments for purchases they didn’t make. Our American counterparts also acknowledge the benefit of having such security.
“Although some consumers might think that debit card payments are less secure than the paper variety, many experts suggest otherwise, pointing out that cash or checkbooks are easily lost or stolen,” says National Iron Bank, “While identity theft remains a concern for debit card users, the experts note that they still provide more safeguards than paper, and you are not held liable for unauthorized purchases made if your card is stolen.”
Do you accept debit cards in your store?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality payment terminals to enable them to accept credit cards and debit cards. They include the Poynt Newland 910, the Ingenico Desk/5000, the Ingenico Move/5000 and the Poynt C Smart Terminal. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
