Report Finds Canadian Demands for Speed and Convenience Influencing Payments Innovation
Canadian businesses and households are ready for better payment options, according to data released by Payments Canada. The organisation’s annual Payment Methods and Trends Report shows that Canadians are increasingly choosing digital payments and adopting new payment channels, demonstrating a growing appetite and readiness for payments innovation.
The report shows that businesses are adopting digital payments, leveraging credit cards, INTERAC e-Transfers, and Electronic Funds Transfers (EFT) more frequently and reducing their use of cheques. Wider adoption of electronic payments by businesses is expected once faster and more data-rich payment options become available through Payments Canada’s Modernisation programme.
Electronic payments thrived in 2017, including a 48% volume increase in online transfers, primarily due to the growing use of INTERAC e-Transfers by both businesses and consumers. EFT, associated with payroll and consumer bill payments, was the dominant payment method for large transactions in Canada, making up 47% of the value of payments in 2017. EFT use continued to increase in both the business and consumer space.