Bills and coins are still the fourth most popular payment method in the country, making up 11 per cent of transactions by volume, but the use of cash is on a downward trend, according to a report from the organization responsible for Canada’s payments infrastructure. (The Logic)

Talking point: The digitization of payments shows no signs of slowing down. Digital payments made up 86 per cent of payment volume and 77 per cent of payment value in 2024, the report found. Contactless payments were up 11 per cent year over year in 2024, accounting for 58 per cent of all transactions. Still, the report found only 11 per cent of Canadians have gone completely cashless. The same share of Canadians—11 per cent—has invested in crypto or used it to make payments, up one percentage point from last year. The Bank of Canada has its eye on the decline of cash and the rise of the use of crypto, since both have the potential to threaten monetary sovereignty and financial stability.