Despite the growth in alternatives such as debit and credit cards, Canadians still use cash to process more than half of all transactions, the Bank of Canada calculates. Overall, while debit and credit cards are becoming more popular — especially for larger purchases — cash is used to pay more overall. "Debit cards are used mainly for medium-value transactions and credit cards for large-value transactions." In terms of the overall dollar value, credit cards tend to be the payment option of choice. "By offering various consumer incentives, credit card companies promote the adoption and use of credit cards by consumers," the bank notes.

Source: CBC News November 16, 2017 18:15 UTC