How do you pay?

If a recent survey is any indication, you’re increasingly likely to pull out your phone when doing any kind of banking transaction in Quebec.

A Université Laval study found that in 2021, a quarter of Quebec adults (25%) have used mobile payments to make in-store purchases, an increase of 8 percentage points compared to the previous year. The survey also indicates that the smartphone is the device of choice for 50% of Quebec adults for performing day-to-day online banking.

In Quebec, 87% of adults use the Internet to carry out banking transactions, a proportion comparable to that of the previous year (86%). Paying bills, transfers between people, and checking bank balances and transactions are the most popular online financial activities for 83% of Quebec Internet users.

Smartphones are the preferred means used by 53% of Quebec adults to consult their account balance and online transactions, which represents a difference of 10 percentage points compared to the laptop or table computer (43%), a similar trend for other banking activities evaluated, in particular online financial investments or the comparison of offers from financial institutions."

Almost half of Quebec adults, however, say they prefer to go to a branch when they want to obtain mortgage financing (48%) or carry out a financial plan (48%). The survey also reveals that a significant proportion of adults prefer being in a branch to make investments (43%), renew or refinance a mortgage (40%) and obtain financial advice (39%).

Despite the increased use of online services, the use of digital financial tools such as mortgage loan simulators, budget calculators or investment profile assessors has declined by 7 percentage points over the last year, from 38% in 2020 to 31% in 2021. The mortgage loan calculator is the most popular financial tool in 2021 (11% versus 18% in 2020), followed by the budget calculator (10% in 2021 versus 19% in 2020).

When it comes time to shop for life and individual health insurance or auto or home insurance, the vast majority of Quebec adults (from 60% to 69% depending on the type of insurance) prefer traditional means such as the phone and in person to request a quote or make a purchase. However, the survey reveals that the Internet is used more frequently to request a quote than when it comes to purchasing or claiming insurance.

Consult the detailed results and infographics of the survey: .

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