Consumers in Canada Shun Cash and Bank Branches on Virus Fears
- More than 25% have increased use of contactless payments
- Banks need payment strategy for after pandemic: McKinsey
Social distancing signs are now a fixture of Toronto’s financial district.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canadian consumers are changing their banking habits to reduce physical contact with others because of Covid-19, according to a new study by McKinsey & Co.
The survey, which polled about 1,000 people in Canada, found that 26% of respondents have increased their use of contactless payments and 42% have decreased their use of cash.