Payments Canada releases its annual payment methods and trends report image credit: shutterstock.com

Credit and debit cards remain the top two payment methods in Canada. The annual Canadian Payment Methods and Trends report, published by Payments Canada, analyses 20.5 billion payment transactions made in 2022 totalling C$11.7trn

Transaction volumes and values across all payment types, with the exception of cheques, experienced year-over-year growth in 2022.

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Credit cards represented 33% of all payment volumes in 2022, followed by debit cards (31%). Electronic funds transfer account for 15% followed by cash (10%) and online transfer (5%). Cheque, ABM and prepaid cards account are next, each at 2%.

Electronic funds transfer represented 59% of total payment value in 2022, followed by cheques (28%). Credit cards (6%) debit cards and online transfers (both 3%) ABM (1%) follow. Cash and prepaid cards account for just 0.5% and 0.2% respectively.

Online transfer continued to be the fastest-growing payment type with volume growth of 11% and value growth of 19% from 2021. Interac e-Transfer continued to dominate the online transfer payment segment. More than three in five Canadians (61%) using Interac e-Transfer to either send or receive a payment in a given month.

Credit card volume increased 5%, while debit card volume increased 6% y-o-y in 2022 compared to 2021.

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The average credit card transaction value was C$99, while the average debit card transaction value was C$47.

Cash use grew 2% in volume, with the average cash transaction value at C$29.

Canadian Payment Methods and Trends report 2023 key takeaways

While total payment volume declined 2% compared to five years ago, total payment value increased by 21%. Cash use recovered to pre-pandemic levels, with one in 10 transactions paid in cash in 2022. Almost nine in 10 (89%) Canadians tapped a payment card at least once a month for a store purchase in 2022. For the first time, online transfer payments surpassed personal EFT (electronic funds transfer) based on volume. 1.06 billion e-transfers were sent in 2022, up 11% in volume from 2021. Nearly half (48%) of existing buy now, pay later (BNPL) users increased usage in 2022. While 49% of Canadians are aware of cryptocurrencies, only 14% have used cryptocurrency. This is primarily as an investment rather than for payment purposes.

“We have seen a dramatic shift towards digital payment options over the past five years. Evolving technologies will continue to influence how Canadians make and receive payments,” said Tracey Black, President and CEO of Payments Canada. “Payments Canada continues to work collaboratively with the payment ecosystem to provide Canadians and Canadian businesses with convenient, safe and efficient payment options.”