NFC TIMES Exclusive Insight – Contactless transactions in Canada topped 50% of all in-store card transactions for the first time ever during the first quarter of this year, said the country’s largest payments card processor, Moneris, this week.
While cash still accounted for 53% of low-value transactions–the same category of transactions targeted by contactless, according to a recently published report by the country’s central bank–cash transactions are decreasing.
The contactless milestone puts Canada among a small but growing number of countries, mostly in Europe–along with Australia and New Zealand–where contactless payments represent more than half of face-to-face card transactions as reported by one or more major card networks.