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2013 Methods-of-Payment Survey Results

Author

Listed:
  • Christopher Henry
  • Kim Huynh
  • Rallye Shen

Abstract

As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. Overall, cash usage at the point of sale has decreased since 2009, constituting 44 per cent of payment volume and 23 per cent in terms of value, and the median value of a cash transaction is about $9. Respondents’ perceptions and demographic factors are used to interpret survey data: cash is seen as a convenient, lowcost, secure and widely accepted form of payment, and is used most widely among respondents who are age 55 and above, have an income less than $45,000 or have only a high school education. The paper also provides a comprehensive view of payment innovations, such as stored-value cards, contactless credit/debit cards or mobile payments, which are often perceived as substitutes for cash.

Suggested Citation

  • Christopher Henry & Kim Huynh & Rallye Shen, 2015. "2013 Methods-of-Payment Survey Results," Discussion Papers 15-4, Bank of Canada.
  • Handle: RePEc:bca:bocadp:15-4
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    References listed on IDEAS

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    1. John Bagnall & David Bounie & Kim P. Huynh & Anneke Kosse & Tobias Schmidt & Scott Schuh, 2016. "Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data," International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 1-61, December.
    2. Naoki Wakamori & Angelika Welte, 2017. "Why Do Shoppers Use Cash? Evidence from Shopping Diary Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(1), pages 115-169, February.
    3. Huynh, Kim P. & Schmidt-Dengler, Philipp & Stix, Helmut, 2014. "Whenever and Wherever: The Role of Card Acceptance in the Transaction Demand for Money," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 472, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    4. Huynh, Kim P. & Schmidt-Dengler, Philipp & Stix, Helmut, 2014. "The Role of Card Acceptance in the Transaction Demand for Money," CEPR Discussion Papers 10183, C.E.P.R. Discussion Papers.
    5. Carlos Arango & Kim Huynh & Leonard Sabetti, 2011. "How Do You Pay? The Role of Incentives at the Point-of-Sale," Staff Working Papers 11-23, Bank of Canada.
    6. Carlos Arango & Angelika Welte, 2012. "The Bank of Canada’s 2009 Methods-of-Payment Survey: Methodology and Key Results," Discussion Papers 12-6, Bank of Canada.
    7. Ben Fung & Kim Huynh & Leonard Sabetti, 2012. "The Impact of Retail Payment Innovations on Cash Usage," Staff Working Papers 12-14, Bank of Canada.
    8. Carlos Arango & Kim Huynh & Ben Fung & Gerald Stuber, 2012. "The Changing Landscape for Retail Payments in Canada and the Implications for the Demand for Cash," Bank of Canada Review, Bank of Canada, vol. 2012(Autumn), pages 31-40.
    9. Heng Chen & Rallye Shen, 2015. "Variance Estimation for Survey-Weighted Data Using Bootstrap Resampling Methods: 2013 Methods-of-Payment Survey Questionnaire," Technical Reports 104, Bank of Canada.
    10. John Bagnall & David Bounie & Kim P. Huynh & Anneke Kosse & Tobias Schmidt & Scott Schuh & Helmut Stix, 2014. "Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data," Working Papers 192, Oesterreichische Nationalbank (Austrian Central Bank).
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    Citations

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    Cited by:

    1. Christopher S. Henry & Kim P. Huynh & Gradon Nicholls, 2017. "Bitcoin Awareness and Usage in Canada," Staff Working Papers 17-56, Bank of Canada.
    2. repec:bla:jorssa:v:180:y:2017:i:2:p:503-530 is not listed on IDEAS
    3. Heng Chen & Kim Huynh & Oz Shy, 2017. "Cash Versus Card: Payment Discontinuities and the Burden of Holding Coins," Staff Working Papers 17-47, Bank of Canada.
    4. Kyle Vincent, 2015. "2013 Methods-of-Payment Survey: Sample Calibration Analysis," Technical Reports 103, Bank of Canada.
    5. Geoffrey Dunbar & Casey Jones, 2018. "The (Un)Demand for Money in Canada," Staff Working Papers 18-20, Bank of Canada.
    6. Heng Chen & Geoffrey R. Dunbar & Rallye Shen, 2017. "The Mode is the Message: Using Predata as Exclusion Restrictions to Evaluate Survey Design," Staff Working Papers 17-43, Bank of Canada.
    7. Heng Chen & Q. Rallye Shen, 2017. "Variance estimation for survey-weighted data using bootstrap resampling methods: 2013 methods-of-payment," Canadian Stata Users' Group Meetings 2017 13, Stata Users Group.
    8. Stavins, Joanna, 2017. "How do consumers make their payment choices?," Research Data Report 17-1, Federal Reserve Bank of Boston.
    9. Heng Chen & Rallye Shen, 2015. "Variance Estimation for Survey-Weighted Data Using Bootstrap Resampling Methods: 2013 Methods-of-Payment Survey Questionnaire," Technical Reports 104, Bank of Canada.
    10. William Roberds, 2016. "Review of Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan," Journal of Economic Literature, American Economic Association, vol. 54(3), pages 906-921, September.

    More about this item

    Keywords

    Bank notes; E-Money;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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