Based on transaction value, the EFT system was Canada's most used payment method when including both consumer as well as business payments in 2019. This is not surprising as the EFT system or Electronic Fund Transfer is responsible for moving digital money from one account to another. It is not a specific payment type, like a branded credit card, but rather it provides the infrastructure to make digital payments happen. The system is especially used for bank transfers.
Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019
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Value in billion Canadian dollars
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Numbers provided are from late 2020 but cover 2019 only, the source explicitly states it did not supply figures on the impact of COVID-19 just yet.
Supplementary notes
The source states that the figures provided concern "consumer and
business payment behavior conducted at the point-of-sale payments environment and the remote payments environment".
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Payments Canada. (November 17, 2020). Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019 (in millions) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/
Payments Canada. "Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019 (in millions)." Chart. November 17, 2020. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/
Payments Canada. (2020). Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019 (in millions). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/
Payments Canada. "Most Used Payment Methods including Consumer as Well as Business Environment Based on Transaction Value in Canada in 2019 (in Millions)." Statista, Statista Inc., 17 Nov 2020, https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/
Payments Canada, Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019 (in millions) Statista, https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/ (last visited July 22, 2024)
Most used payment methods including consumer as well as business environment based on transaction value in Canada in 2019 (in millions) [Graph], Payments Canada, November 17, 2020. [Online]. Available: https://www.statista.com/statistics/800897/value-of-payment-transactions-by-payment-method-canada/
