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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American Payments Insights: Canada – Fraud and Changing Consumer Preferences
Lower Income Consumers More Likely to Have Increased Credit Card Usage During COVID-19:
- 41% of Canadian consumers earning under $50K reported using their credit card more since the start of the pandemic.
- In comparison, just 26% of Canadian consumers earning $150K+ reported using their credit card more since the start of the pandemic.
- 47% of consumers earning under $50K reported no change in their credit card usage since the start of the pandemic.
- In comparison, 63% of consumers earning $150K+ reported no change in their credit card usage since the start of the pandemic.
- 3% of consumers earning under $50K reported using their credit card less since the start of the pandemic.
- In comparison, 0% of consumers earning $150K+ reported using their credit card more since the start of the pandemic.
About Report
Mercator Advisory Group has released a new primary research report titled 2021 North American Payments Insights: Canada – Fraud and Changing Consumer Preferences, summarizing the research findings from the fraud and payments behavior sections of the North American PaymentsInsights survey of 1,001 Canadian-based adults. The report highlights consumer payment behavior in response to experiencing payment related fraud in the pandemic induced shift to online shopping. Additionally, the report draws attention to the shifts in consumer payment habits and changing consumer preferences influenced by the pandemic. Finally, it touches upon consumers’ experience with credit card payment holidays and the implications this may have for credit card issuers. Various aspects of how Canadian consumers interact with the payments’ ecosystem are brought together to highlight key trends in consumer behavior, preferences, and motivations influenced by consumer perceptions and experiences with payment related fraud during a rapidly changing payment environment. Readers will be presented with a detailed analysis of the impact of demographic characteristics on consumer behaviors and inclinations, general consumer trends, as well as actionable insights for industry players to consider.
“The unprecedented expansion of online shopping during the pandemic has created a rise in fraud events that have affected Canadian consumers across all demographic categories. This necessitates a thorough reconsideration of how major players in the payments space deal with fraud prevention and the vendors they use for this. As fraud attacks affect a larger number of consumers, it is vital that payments service providers take measures to assure consumers that their payment information is secure.” – Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.
