- Credit cards account for 31 per cent of transactions.
- Cash accounts for 29 per cent of transactions.
- Debit cards account for 26 per cent of transactions.
So what does it cost to process a transaction? The Bank of Canada survey looked at the estimated cost of processing a $36.50 transaction, which was the median cash transaction in its survey. Costs broke down like this:
Debit card: 19 cents.
Cash: 25 cents.
Credit card: 82 cents.
The study notes that the overall cost of electronic transactions falls as the volume increases, which the authors suggest, may encourage greater use of electronic payments.
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How we pay
- Credit cards account for 31 per cent of transactions.
- Cash accounts for 29 per cent of transactions.
- Debit cards account for 26 per cent of transactions.
So what does it cost to process a transaction? The Bank of Canada survey looked at the estimated cost of processing a $36.50 transaction, which was the median cash transaction in its survey. Costs broke down like this:
Debit card: 19 cents.
Cash: 25 cents.
Credit card: 82 cents.
The study notes that the overall cost of electronic transactions falls as the volume increases, which the authors suggest, may encourage greater use of electronic payments.
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