For two consecutive years, Canadians have overwhelmingly chosen cash and card payments for their daily transactions.
A survey conducted by the Bank of Canada revealed that less than 3% of Canadians used Bitcoin or other cryptocurrencies for everyday purchases in both 2022 and 2023.
Cash and Cards Remain Dominant in Canada
The survey highlighted Canadians’ strong preference for cash and bank cards, which have been the primary payment methods in 2022 and 2023. Despite the introduction of various alternative payment methods over the past decade, cash and cards remain the most popular.
Among the alternatives to cash and cards, many Canadians favored e-transfer, which allows money transfers using email addresses or phone numbers. However, cryptocurrencies were the least preferred method. In 2022, only 2.2% of respondents used cryptocurrencies for payments, increasing slightly to 2.5% in 2023.
Reluctance to Abandon Cash
A significant factor behind the slow adoption of cryptocurrencies in Canada is the widespread reluctance to abandon cash. Over 80% of respondents stated they had no plans to stop using cash in the future, a consistent trend since 2019.
Despite the stagnation in cryptocurrency adoption, the Bitcoin ATM ecosystem continues to grow in Canada. The country hosts the second-largest network of crypto ATMs globally, following the United States, with 2,941 active Bitcoin ATMs, accounting for 7.7% of the global total.
Summary Review: Canada’s enduring preference for cash and cards shows a cautious approach to adopting new payment technologies like cryptocurrencies. While the digital payment landscape is evolving, Canadians‘ commitment to traditional payment methods remains strong, highlighting a significant hurdle for broader crypto adoption in everyday transactions.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
