According to Odaily, an annual survey conducted by the Bank of Canada reveals that Canadians have traditionally preferred to use cash and bank cards for payments in 2022 and 2023. However, the use of some alternative payment methods has generally increased over the past decade, with less than 3% of Canadians using Bitcoin or other cryptocurrencies for daily payments for two consecutive years.
Among the many other alternatives to cash and credit cards, most Canadian respondents preferred to use electronic transfers. On the other hand, cryptocurrency remains the least popular payment method in Canada. In 2022, 2.2% of respondents used cryptocurrency for payments, a figure that grew to 2.5% in 2023.