Cash Still Ruling the Streets: The Bank of Canada’s Latest Snapshot
Despite the shiny lure of contact‑less cards and buzzing digital wallets, Canadian cash is living its best life. The Bank of Canada’s newest Methods‑of‑Payment (MOP) survey shows that Canadians are still doing the old‑school “hand‑to‑hand” transactions, and they’re doing it with gusto.
Key Take‑aways
- Cash keeps the throne: 20 % of all purchases this year were paid in cash.
- Crypto is still a niche hobby: Only 2.5 % of respondents bought things with crypto.
- Pocket riches rise: Canadians average a $140 cash stash—up $10 from last year.
- Last week’s cash flash: 49 % remembered using cash in the past week.
“Cash Is Still Here to Stay” — Tobi Opeyemi Amure
“The resilience of cash in Canada is remarkable,” says Tobi Opeyemi Amure, analyst at Tradequotex.com. “While we’re seeing increased adoption of digital methods, cash continues to play a vital role in the Canadian economy. It’s clear that reports of Cash’s death have been greatly exaggerated.”
True, digital payments haven’t vanished. In fact, they’re getting a bit more popular.
The Digital Side‑kick Surge
- Mobile apps climbing: 45 % used a payment app in the last year, up from 37 % in 2022.
- Interac e‑Transfer skyrockets: 58 % of Canadians now use it, a 7‑point jump.
So what’s happening? Canadians are basically “paying both ways.” They add new digital tools to their wallets while keeping a healthy stash of bills and coins. It’s a blend, not a battle.
Getting Cash Is Still Easy (Mostly)
New survey items reveal that 68 % of Canadians find it easy or very easy to reach an ATM when they need cash. That’s a comfort for cash lovers, but notice that roughly a third of the population may still face hurdles in getting physical money.
Going Cashless? Not on the Horizon
Nothing but plain old paper and coins in the future, it seems. A solid 80 % of Canadians say they have no plans to stop using cash. That’s unchanged from last year, proving cash is firmly entrenched in Canadian wallets.
Bottom Line: Both/And, Not Either/Or
The Canadian payment landscape is shifting, but it’s not a zero‑sum game between cash and crypto. Canadians are embracing a “both/and” approach, juggling the tactile comfort of cash with the convenience of digital wallets.
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