The Bank of Canada finds that despite the growth in alternatives such as debit and credit cards, Canadians still use cash to process more than half of all transactions.
In a report released today, the bank took a closer look at how Canadian shoppers and retailers pay for various products and services.
The bank crunched the numbers for 2015 and found that across all types of merchants, 51 per cent of all transactions were conducted in cash that year, the bank said.
The Bank said, “We find that cash is still widely used, especially for small-value transactions, even at large businesses that accept cash and cards.Debit cards are used mainly for medium-value transactions and credit cards for large-value transactions.”
Across all merchants, the average cash transaction was for $8.04 in 2015. For debit, the average jumped to $28.33 and for credit, it was up to $43.85 per swipe.