In Canada, 53% of payments under $15 are made with cash (Bank of Canada, 2018)
Jan 24, 2019
Offering a 'detailed and representative snapshot of Canadian payment choices,' the recent Method-Of-Payments survey finds that at 53%, the majority of payments under $15 were made with cash in 2017.
On December 17th, 2018, the Bank of Canada published the report discussing results from the 2017 survey; the second report was published in 2013 and the first in 2009.
Other key findings include:
- 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%.
Last Updated: Feb 12, 2020