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Lynx. Lynx, Canada’s new high-value payment system, will replace the LVTS in the third calendar quarter of 2021. The new system will process large-value, time-critical payments with real-time settlement finality, and will be built in compliance with Canadian and international risk standards.
Oct 8, 2021 · 67% of Canadians made more retail purchases online in March 2021, a significant increase from the 38% who did so in March 2020; and ... the CPMT notes that cash remained the third most used ...
The Methods-of-Payment survey was conducted in 2009, 2013, 2017, 2021, 2022 and 2023. This survey includes a questionnaire and a diary where participants record their payments and cash withdrawals over the course of three days. Using this information, we calculate the share of payments made with cash, credit cards, debit cards and other methods.
Overall, a total of 19.7 billion transactions valued at $10.8 trillion were conducted in 2021. The total Canadian payment market grew by four per cent in volume and 15 per cent in value from 2020, rebounding from the previous year’s transaction volume and value declines.
For the 2021 MOP Survey, the target population was Canadians aged 18 and older in the 10 provinces, and we obtained population level counts from both the 2021 Canadian Census and the 2020 Canadian Internet Use Survey (CIUS). The CIUS is used to calibrate the proportion of our sample having internet access.
In response to the pandemic-driven need to reduce face-to-face commerce and limit contact with payment devices, consumers have adjusted their payment preferences. As a result, the growth of contactless payments has accelerated around the world. With expanded use cases, contactless payments are going to find even more market traction in 2021.
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2021 Methods-of-Payment Survey report / by Christopher Henry, Matthew Shimoda and Julia Zhu.: FB3-6/2022-23E-PDF "We present results from the 2021 Methods-of-Payment (MOP) Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends observed across previous MOP surveys from 2009, 2013 and 2017.
