With Apple Pay being accepted as a form of payment by many financial institutions, many Canadians can shop without their wallets
TORONTO, ON, May 10, 2016 – Going to the store with your wallet, will be a thing of the past. All a consumer needs is their iPhone or Apple Watch and they will be able to shop for whatever they want and at the touch of their phone.
Today CIBC and the RBC announced they will accept the Apple Pay mobile payment system and more Canadian banks are to accept this form of payment in the near future. A recent survey by Accenture Consulting says 11 per cent of Canadians would use Apple Pay once it becomes available. Nevertheless, 79 per cent of respondents said they would increase their usage of digital payments if discounts or incentives were offered.
“Thanks to our contactless footprint, our cardholders can tap their Apple devices to pay across the country. This innovation is part of our commitment to offer Canadians convenient, fast and secure payment options,” said Jason Davies, Vice President of Digital Payments for MasterCard Canada in a statement.
Although many Canadians enjoy contactless payments for the added convenience, for some consumers the increase of digital payments is a recipe for financial disaster.
“Leaving your wallet at home for your iPhone can be very troubling for many consumers. If you have trouble managing the cash in your wallet, imagine what would happen when we stop handing over the cash and everything is completely digital?” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
To help consumers manage their digital payment cash flow, Jeffrey Schwartz offers the following tips:
- Keep track of your spending habits. When you have a wallet, it is easy to look in your wallet and see how much you physically have to spend. However with digital payments, you will need a budgeting app to keep track of your expenses.
- Limit your use of credit to make purchases. Spending money you don’t have is a sure fire way to end up spending more money than what you have budgeted for. Instead of linking your contactless payments to your credit card, link it to your bank account for an automatic debt. Be mindful to watch your bank account to avoid fees from insufficient funds.
- Be mindful of cyber fraud. Institutions are taking the necessary steps to protect your identity and digital payments; you should too. Be aware so that you can lessen any losses if you do get hacked. Monitor your bank statements, your credit card statements and your credit report to make sure there is no unauthorized activity.
- Debt #stress can take its toll in many ways. If you need tips to cope, we are happy to help. Our article will help you manage your stress levels in relation to your debt.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]