Vice President of Strategy & Emerging Solutions, Interac
Interac is helping retailers prepare as consumers seek more choice in digital payments.
The COVID-19 pandemic accelerated Canada’s digital shift, changing how consumers shop, pay, and move money. In fact, a recent Interac survey found that more than half (53 percent) of Canadians are using digital payments more frequently during the pandemic. Seventy-two percent of survey participants between the ages of 25 and 34 say they won’t go back to using cash when the pandemic is over.
Interac knows that small businesses must be prepared for a digital-first ecosystem as consumer preferences shift. This means offering consumers the choice to pay where and how they want, whether checking out online or making a purchase in-app, in-store, or curbside. Businesses who don’t evolve to meet Canadians’ needs risk losing sales, trust, and loyalty from consumers.
“While no organization can predict the future, Interac is here to help Canadian small businesses best prepare and respond to it. That’s why we chose to lead the Future of Retail collaborative through Communitech,” says Oscar Roque, Vice President of Strategy and Emerging Solutions at Interac. “Working with industry leaders through the Future of Retail collaborative promotes faster learning, reduces uncertainty, and helps us explore how emerging technology can create positive change for Canadians.”