Forecast: Value of Cheque Payments in Canada

The value of cheque payments in Canada has shown a declining trend from 2013 to 2023, with some instances of year-on-year growth. In 2013, the value stood at approximately $2.8492 trillion, gradually decreasing to $1.9318 trillion in 2023. Despite occasional increases in 2017 and 2021, the overall trend has predominantly been downward. The year-on-year percentage variations highlight significant drops, particularly in 2016 and 2020, followed by slight recoveries in 2017 and 2021.

From 2024 onwards, the value of cheque payments is forecasted to continue its decline, with the CAGR over the next five years projected to be -2.3%. Consequently, by 2028, the value is expected to be approximately $1.6773 trillion, reflecting a total decrease of around 10.98% over the five-year forecast period.

Future trends to watch for include the continued digitalization of payment systems, increased adoption of electronic funds transfers, and the potential impact of emerging technologies such as cryptocurrencies and blockchain, which may further reduce the reliance on cheque payments.