Credit, not cash, is king among consumers

Canadians are using credit cards and smartphones instead of cash to make purchases, according to a new study reports the Globe and Mail.

The study by GfK surveyed 1,000 Canadians online and found that credit cards accounted for the majority of transactions at 42%; debit cards at 28%; followed by mobile device payments at 3%. Cash transactions accounted for 25%, declining two percentage points from 2014.

Younger, higher income consumers used mobile payments, but boomers and the those born betwen 1925 and 945 were also going high tech.

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