The Canadian Payment Association just published its 2015 edition of Canadian Payment Methods and Trends with some really interesting and shocking results.
- Online transfers are number one in growth since 2011 with a whopping +184% growth spurt.
- Credit cards are second with a +26% increase followed by debit cards and EFTs.
- And no surprise, cheques & paper are markedly decreasing with a decline of -20%.
It is also very interesting to note, that although cash is declining and down -16% it still accounts for nearly a third of all payments volume. Credit and debit card transactions combined account for more transactions than cash.
See our infographic below for a full visual breakdown.