Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297105 
Year of Publication: 
2024
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2024-2
Publisher: 
Bank of Canada, Ottawa
Abstract: 
In recent years, the rise in digital payments has spurred a discussion in Canada and other countries about the future of cash at the point of sale. To better understand trends in payment methods accepted by Canadian businesses, including cash acceptance and the impact of innovations such as mobile payments, the Bank of Canada conducts the Merchant Acceptance Survey, a survey of small and mediumsized businesses. We find that 96% of these businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased since 2021 to 89%, and acceptance of digital payments has increased as well. However, the vast majority of merchants (92%) have no plansto go cashless in the future. Therefore, cash and digital payments continue to coexist at the point of sale, and Canada is far from being a cashless society.
Subjects: 
Bank notes
Digital currencies and fintech
Econometric and statistical methods
JEL: 
C8
D22
E4
L2
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.