For two years in a row, Canadians have shown a strong preference for cash and card payments for day-to-day purchases.
Less than 3% of Canadians have used Bitcoinor other cryptocurrencies for day-to-day payments for two consecutive years.
A yearly Bank of Canada survey revealed the nation’s long-standing affinity toward cash and bank cards for making payments in 2022 and 2023. However, the use of these payment alternatives has generally increased over the past decade.
Of the many other alternatives to cash and cards, most Canadian respondents preferred using e-transfer, a method of transferring money using email addresses or phone numbers.