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… FIs the option to process paper payment items such as cheques more efficiently by using images of the cheques instead of the original paper items. This paved the … it took a little less than 10 years for nearly 100% of cheques to be cleared electronically. What will Canada look …
… largely as a substitute for legacy payment methods such as cheques which entail a higher social cost from a processing … of direct credits and pre-authorized debits in displacing cheques in Canada over the past two decades. Payments … Indeed, roughly two-thirds of the nearly 900 million cheques written in Canada each year can be attributed to …
… approximately five per cent each year. While the volume of cheques written continues to decline, the value of those cheques is growing slightly. There were 20 per cent fewer cheques written in 2014 than in 2011, but the value of …
… Transfers (EFT) more frequently and reducing their use of cheques. Wider adoption of electronic payments by businesses … in cheque use since 2014. There were 282 million fewer cheques written in 2017 than in 2012 in favour of EFT, credit cards and online transfers. Still, remaining cheques are being written for increasingly higher amounts, …
… other elements of the BEA, such as provisions for "crossed cheques", which may interfere with the legibility of cheque …
… to see a widespread shift away from paper-based payments, cheques and cash, as Canadians increasingly demonstrate … representing 23 per cent of total payments volume. Cheques and paper-based payments continued to play a … and values continued to decline, while average value of cheques increased; consumer cheques declined by about 12 per …
… $4.5 billion over five years simply from the elimination of cheques. In 2014, nearly one billion cheques were written in Canada. Many businesses still use cheques because of the information (e.g. invoices) that can …