One in three Canadians are now using the tap payment or contactless option when using their debit and credit cards according to Moneris.
The country’s largest processor of card transactions says that number has grown dramatically since just two years ago, Canadian consumers were using tap payments one in ten times when making a purchase.
Chief product officer Rob Cameron says the payment method is safe and security concerns should be minimal if someone steals your card and starts using it.
“In theory they could, in practice they don’t. If you talk to the banks what we’ve seen is there has been very low fraud on any contactless cards and that’s why the limit was increased to $100 because it used to be lower. So really, it’s not a vehicle where people commit fraud,” he notes.
Cameron says tap payments allow consumers to get through busy lines faster and that benefits retailers as well.
