Bank of Canada Survey Shows Canadians Prefer to Use Cash Rather Than Crypto
According to the Bank of Canada’s sixth Methods-of-Payment (MOP) report released on July 3, Crypto in Canada is not yet widely adopted. Despite the growing interest in digital currencies globally, many Canadians still prefer to use cash for their transactions.
In the latest survey, 4,000 respondents completed a detailed questionnaire about their spending habits, revealing that cash is a popular choice for transactions in 2023. The finding suggests that crypto in Canada still has a long way to go in terms of mainstream acceptance.
According to the MOP report, about 20% of all purchases in 2023 were made using cash. Alternative payment options have also seen an increase, however.
The most popular alternative payment option for Canadians is the e-Transfer. According to the report, 58% of Canadian respondents used this option in 2023, a 7% increase from 2022. This is closely followed by the e-wallet option PayPal, which has an adoption rate of 35%.
Despite the increase in these alternative payment options, less than 3% of Canadians truly used Bitcoin as a payment option. This contradicts the adoption of Bitcoin automated teller machines (ATMs) in Canada.
The news highlights that #Canadian adoption of #cryptocurrencies remains low despite global trends towards digital payments.
Cash and cards continue to dominate everyday transactions, with less than 3% of Canadians using cryptocurrencies like #Bitcoin for payments annually over… pic.twitter.com/7mj0TxR4jP
— TOBTC (@_TOBTC) July 3, 2024
The North American country is the second-largest Bitcoin ATM hub in the world, with over 3,000 machines installed. In fact, the first crypto ATM was installed in Vancouver, Canada, in 2013.
When asked whether they plan to go cashless in the future,
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