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Digitalization transforming the ways that Canadians buy and sell goods and services

first_img Central banks are embracing the concept of digital currencies: survey Increasing digitization is affecting the way Canadians pay for the goods and services they buy and sell, according to a recent report of the digital economy from Statistics Canada.In the 12 months to June, 76% of total personal spending by Canadians aged 18 and older was done using digital payment methods, including debit and credit cards, preauthorized payments or online banking, states the report. Share this article and your comments with peers on social media Hackathon targets global payments system NFC - Near field communication mobile payment 123RF Facebook LinkedIn Twitter Report assesses opportunities for digital transformation in cross-border payments IE Staff Keywords Payments system Related news At the same time, cash or cheque were used for 21% of all personal spending, while other payment methods, such as reward points and gift cards, accounted for the remainder.On average, Canadians 65 years of age and older used cash for 30% of their total personal spending, while those aged 35 to 44 years used digital methods for 80% of all their spending.The survey is the government agency’s first to focus on Canadians’ use and purchases of digital products. It also collected information on the types of payment methods Canadians use for all their personal spending, as well as ways of making money through digital platforms.According to the report, more than one-quarter of Canadians make money through online platforms. In the 12 months to June, 28% of Canadians aged 18 and older reported making money through online platforms.Also readGig economy increasingly important to post-retirement clientsThe most common method of earning money was by selling new or used products through online services such as Kijiji, eBay and Etsy. Other ways of making money included providing online freelance services, posting creative content online, as well as offering ride sharing, delivery or accommodation services.last_img read more