Canadians Prioritize Security over Convenience, Speed When Making Payments

Canadian consumers still prioritize payment security above all else.

Two thirds (66 per cent) of credit cardholders ranked security as the most important element of a credit card transaction, surpassing convenience (14 per cent) and speed (10 per cent), according to a new study commissioned by Visa Canada. Additionally, nearly half (48 per cent) of credit cardholders report they worry about fraud when shopping online.

83 per cent of transactions processed in Canada are now “chip-on-chip”—a chip card processed at a chip terminal—and according to Visa data, fraud rates (6 cents for every $100 of global Visa transactions) are historically low.

“Since adopting the enhanced security of chip and PIN, Canada has seen a notable decrease in domestic counterfeit and lost and stolen fraud losses,” said Gord Jamieson, Head of Visa Canada Risk Services and North America Acquirer Risk Services.

Contactless NFC payments are the next step in this rapid evolution of commerce in Canada, according to Visa. More than half (58 per cent) of credit card users who have made purchases in person reported having used contactless payments, and almost three quarters (74 per cent) of contactless payment users consider this type of payment quicker than other card payments.

When it comes to ecommerce, most credit cardholders have shopped online (86 per cent of cardholders), but many still have privacy and fraud concerns, with 48 per cent reporting they feel their credit card details are less secure online.