As a business owner in Canada, it’s important to know what makes Canadian shoppers tick. What makes a Canadian shopper different than any other type of consumer in the world? At Canadian POS Corporation, we’ve learned that our countrymen vastly prefer to use credit cards and debit cards to pay for their purchases. Of course, there are exceptions to the rule. Some people still like using cash. But things have changed quite a bit in recent years.
Our nation is known as one of the world’s leaders when it comes to plastic use. And as our clients have discovered, credit cards are especially popular among customers who are purchasing big ticket items. This makes sense, of course. After all, one of the most popular benefits that come with credit cards is the fact that they allow cardholders to extend payments on their balances.
On CreditCards.com, Tamara E. Holmes explains that the love for plastic use in Canada is quite similar to that south of the border. “ In the United States, credit wasn\’t always king, but in the past decade it became almost fashionable, with the number of credit card charges increasing from $69 billion a year in 1989 to more than $1.8 trillion in 2006, according to Demos.org,” she informs us.
She goes on to note that there are some interesting tendencies with other countries when it comes to the ways in which credit cards are used. “A multinational public opinion survey done by Citibank found that the Chinese were most likely to use credit cards for big-ticket items such as home electronics, whereas in Australia, more than half of respondents reported using credit cards to take care of such necessities as utility bills,” Holmes reveals.
Back in Canada, the use of credit cards among the population is changing based on advents in technology. On CanadianBusiness.com, Alexandra Bosanac writes that “millenials” are taking advantage of their credit cards for a myriad of purchases. “The spike in credit card use is linked to the rollout of new payment technologies, which are gaining popularity with young people,” she points out.
Bosanac goes on to outline the technologies that seem to enthral Canada’s young population. “Credit cards enabled with contactless technology no longer require holders to swipe the magnetic strip or sign a receipt,” she explains, “Designed to mimic the convenience of cash, the cards come with a microchip that can complete a transaction within seconds with only a wave or tap at a payment terminal.”
Bosanac also reveals that Canada’s youngsters don’t limit themselves to big ticket items when using their credit cards. Instead, the convenience of plastic use is enjoyed for a variety of purchases. “Paying with cash for basic goods and services—researchers counted entertainment, gas, groceries and clothes among other services—seems to be falling out of favour with the 18-34 set,” she writes.
At Canadian POS Corporation, we offer Canadian business owners the ability to cash in on the trend – so to speak. We provide top-of-the-line POS terminals of both the Countertop and Wireless variety so that business owners can provide their young shoppers with the payment options they want. While cultural differences may impact credit card use across the world, Canada continues to show its affinity for plastic like no one else!
Give us a call at 1-877-748-2884 or email us at info@localhost today!