2017 Methods-of-Payment Survey Report

Christopher Henry, Kim Huynh and Angelika Welte

Discussion Papers from Bank of Canada

Abstract: As the sole issuer of bank notes, the Bank of Canada conducts Methods-of-Payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. The 2017 MOP Survey is the third iteration. This paper finds that the overall cash volume and value shares are 33 per cent and 15 per cent, respectively. These results highlight the ongoing decrease of cash usage in terms of volume and value compared with 2009 (54 per cent and 23 per cent, respectively) and 2013 (44 per cent and 23 per cent, respectively). Consumers still rate cash as an easy-to-use, low-cost, secure and widely accepted payment method, and it is commonly used among respondents who are aged 55 and above, have an income of less than $45,000, have only a high school education, or have a low rate of financial literacy. The paper also provides comprehensive details on Canadians’ adoption and use of payment innovations such as contactless credit and debit cards, as well as mobile and online payments.

Keywords: Bank notes; Digital Currencies; Financial services (search for similar items in EconPapers)
JEL-codes: D83 E41 (search for similar items in EconPapers)
Pages: 67 pages
Date: 2018
New Economics Papers: this item is included in nep-fle, nep-mac and nep-pay
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Citations: View citations in EconPapers (46)

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Persistent link: https://EconPapers.repec.org/RePEc:bca:bocadp:18-17

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