Do Canadians still use cash?

Yes, but less every year. Cash covered 18% of point-of-sale payments in 2025, down from 21% in 2024, and 76% of Canadians still carried some. Cash is mostly used for small in-person purchases.

Where cash remains

Small purchases, some local businesses, and people who prefer cash for budgeting or privacy. Cash is also a backup when card networks fail.

Why it is declining

Contactless cards and mobile wallets are accepted almost everywhere, and Interac e-Transfer covers many person-to-person payments that used to be made in cash.

The Bank of Canada's position

The central bank monitors cash use and access, and continues to issue banknotes. It has studied a digital currency but has not launched one.

Implications for merchants

Most customers pay by card or phone, but accepting cash still serves part of the population. Card acceptance costs and cash handling costs are both part of the picture.

What it means for payment operators

For your merchants with stores in Canada, contactless cards and wallets cover most transactions. In-store payments with reporting that includes all channels help them understand their payment mix.