Over half of payments in Canada are carried out in Money in physical form such as banknotes and coins. More, making it the most popular See Payment instrument. More in the country. In comparison, 31% of Canadians use debit and 19% credit cards. Each A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More method is used for different sums. Indeed, cash is the preferred payment method for smaller purchases while debit and credit cards are normally selected for medium and large transactions respectively.
It was found that credit cards have gained in popularity thanks to the many reward programs offered – an effective way to lure consumers into using them. Nevertheless, these perks come with hidden costs for consumers and merchants alike. Canadian shop owners spent nearly $10 billion in processing fees in 2014 alone, costing them on average $2.08 per transaction. Cash is the cheapest payment tool to process (29 cents) immediately followed by debit cards (30 cents).
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