The CPMT report aims to provide insight into payment trends based on an analysis of over 20 billion transactions worth nearly $10 trillion between 2013 and 2018. Worryingly, the report finds that cash use is declining at a dramatic rate in the Great North, with electronic payments overtaking Point-of-Sale (POS) transactions.... and yet cash continues to hold its ground.
This is because cash is still a favorite payment tool for many, accounting for 4.5 billion cash transactions, worth $92.1 billion in 2018 alone (p. 14). Other key findings include:
- heavy cash users make up 15% of consumers;
- electronic payments account for 73% of all transaction volume;
- average transaction size grew to $468 in 2018, up 22% in 2013; and
- cash payments account for 21% of all transaction volume.
In August, CPMT released some findings from the research for this report, revealing that cash is indeed needed for financial inclusion with 90% of the unbanked relying on cash as their go-to payment method for their everyday purchases.
"Although the use of cash at the POS is declining, there are many businesses that prefer cash payments to cards (e.g., convenience stores, transit)."