Capturing The Potential Of The World's Accelerating Digital Payments Ecosystem

Along with many other countries, Canada saw a precipitous spike in the use of and reliance on digital payments in the wake of the pandemic.

And while digital payment technologies were already a significant focus for businesses in the financial services sector before the crisis, the acceleration of these systems continues to raise unique issues for both consumers and companies.

In this article, we explore this trend and how organizations can adapt their strategies and develop a risk mitigation approach to seize opportunity and stay competitive in the evolving digital payments ecosystem.

Shifting to a cashless society

Consumer behavioural changes triggered by the spread of COVID-19, and the resulting shutdown of the physical economy, have accelerated pre-existing trends in Canada toward adoption of digital payments¹. A recent Payments Canada study comparing consumer spending habits pre-COVID-19 found that at week five of the pandemic, 62% of Canadians were