On December 17th, 2018, the Bank of Canada published its latest '2017 Methods-of-Payment Survey Report' staff discussion paper; the second report was published in 2013 and the first in 2009. Each paper takes into account the stats provided from the previous one(s), allowing a comparative analysis where trends can be identified.
The three Method-of-Payment Survey Reports, are part of a larger ongoing research BoC programme on payment trends across the Great White North. This survey consists of a survey questionnaire (SQ) and a three-day diary survey instrument (DSI).
Consumers still rate cash as an easy-to-use, low-cost, secure and widely accepted payment method,
- Cash is still dominant for low-value transactions (less than $15), accounting for 53% of the volume and 46% of the value.
- Cash is preferred by Canadians aged 55 and above with an income of less than $45,000 and a high school education or less
- Cash volume share has dropped from 54% in 2009 to 33% in 2017
- Cash value share has dropped from 23% in 2009 to 15% in 2017
- Canadians hold more cash on average compared with 2013.
- Debit card ownership was almost universal in Canada in 2017, and credit card ownership increased to almost 90%.
Offering a 'detailed and representative snapshot of Canadian payment choices,' (Abstract, p. ii, BoC 2017) the recent MOP survey is particularly valuable for it grants its readers a focus on cash usage as well as comprehensive details on their adoption of non-cash payments.