The number of cheque payments per inhabitant in Canada is projected to decline consistently from 7.45 in 2024 to 3.36 in 2028. In 2023, this figure stood at 8.5. The year-on-year decline indicates a substantial behavioural shift away from cheques, reflecting a depreciation of approximately 15-25% annually. The compound annual growth rate (CAGR) over this five-year period reflects a significant average decline.
Future trends to watch for:
- Continued growth in digital payment methods as replacements for cheques.
- Increased penetration of mobile and contactless payments.
- Potential policy changes influencing traditional banking practices.
