JAKARTA – Although interest in digital assets is growing globally, many Canadians still prefer to use cash for their transactions, according to the latest Bank of Canada report. Sixth report payment methods (MOP) released on July 3 shows that crypto adoption in Canada is still far from mainstream.
In this latest survey, 4,000 respondents completed detailed questionnaires about their spending habits. The results show that cash remains a popular choice for transactions in 2023. Around 20% of all purchases were made in cash, despite an increase in alternative payment options.
City of CryptoNews, The MOP report reveals that alternative payment options are also on the rise. The most popular alternative payment option among Canadians is e-transfer, with 58% of respondents using this option in 2023, an increase of 7% from 2022. Followed by the PayPal e-wallet, which has an adoption rate of 35%.
However, despite the proliferation of these alternative payment options, less than 3% of Canadians actually use Bitcoin as a payment option. This is in contrast to the adoption of Bitcoin ATMs in Canada, which has the second-largest Bitcoin ATM center in the world with over 3,000 ATMs installed. In fact, the first crypto ATM was installed in Vancouver, Canada in 2013.
When asked if they plan to completely abandon cash in the future, 80% of respondents said they have no plans to stop using cash. The study is similar to a separate study conducted by Payments Canada, in which the group asked 1,500 respondents for their views on a cashless future. Respondents said they prefer cash because it has no banking fees, poses no privacy risks and can be used even if the internet is out.
While mainstream adoption of cryptocurrencies has been slow, Canadian institutions are showing interest in the asset class. In April, a KPMG report found that 39% of institutional investors in Canada had exposure to cryptocurrencies in 2023. The survey found that about 4 in 10 respondents had direct or indirect exposure, an increase of 31% from 2021.
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