While Canadians have embraced new methods of digital interaction, use of branches and cash remains popular and even essential
Canada is one of the top two countries in the world for electronic payments (behind Sweden) while boasting the highest number of ATMs per capita, only Macau has more.
And the country is arguably the pioneer for peer-to-peer payments, yet checks are still used heavily. So, Canadians really make use of every payment option available to them—including cash.
Now the question is: “How has COVID-19 changed the way Canadians make payments?”
Like everywhere in the world, the pandemic accelerated the adoption of digital payments in Canada as well as reduced branches and a temporary reduction in cash use. KPMG summed up the digital rise around the world during the pandemic as “seeing three years of digital advancements in about three weeks.”
Prior to COVID, many Canadian banks were already on track for a digital offerings’ transformation, reducing cash and improving customer experiences—and the pandemic sped that up as FIs quickly adopted new ways of working, upgrading their system both back and front of house to be digitally enabled.
Related: Cash trends in a digital world