Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/200470 
Year of Publication: 
2018
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2018-17
Publisher: 
Bank of Canada, Ottawa
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.
Subjects: 
Bank notes
Digital Currencies
Financial services
JEL: 
D83
E41
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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