Forecast: Number of Cheque Payments in Canada

The number of cheque payments in Canada has exhibited a significant declining trend over the past decade. From 2013 to 2023, the volume decreased from 761.14 million to 344.49 million units. This decline is characterized by fluctuating year-on-year variations with notable drops in 2016 (-22.45%), 2020 (-22.69%), and 2022 (-12.01%). However, there were exceptions, such as 2017 and 2021, which saw brief increases in cheque volume. The Compound Annual Growth Rate (CAGR) over the last 5 years until 2023 stands at -7.22%.

For future trends, the declining trajectory is expected to continue, forecasting a volume of 187.65 million by 2028. This represents a forecasted 5-year CAGR of -9.71% and an overall decline of nearly 40% from 2023 levels. Observers should watch for the impact of technological advancements in digital payment methods, regulatory changes, and shifting consumer preferences towards faster and more efficient payment solutions.