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Report: Canadian payment methods and trends
By Adnews Staff
Payment Canada has released the results of a study into payment methods and trends in Canada in 2017. According to the report, credit cards remain the most popular method of payment in Canada, with respondents citing their convenience, "friction-free" operation and rewards programs as the primary reasons. However, the study also notes that electronic bank transfers and mobile payment methods are increasing in popularity. The report also predicts the use of social media-based payment systems in the near future.
The use of cash is declining, while remaining the most widely-used payment method. The use of debit cards increased by five percent in 2017, while the use of cheques declined slightly.
"There were more than 21.3 billion consumer and business payments made in 2016 worth more than $9 trillion, so even small changes in behaviours can have a big impact," said Anne Butler, vice-president of policy, research and legal affairs at Payment Canada. "The annual analysis of how these payments were made provides important insights for Payments Canada and our financial institution participants as we collaborate on the ongoing modernization of Canada's payments architecture."