Interac reports that the volume of Interac Flash transactions grew by two-thirds in July 2020 compared with April.5 Consumer surveys also report that contactless payments have increased.6 The Bank of Canada has been carefully watching these trends. We are particularly interested in how the pandemic has changed the way that Canadians purchase goods and services.
And we are keenly aware of the need to seize the opportunities that lie before us to give Canadians even better, cheaper and faster payment methods. Statistics Canada, “Labour Force Survey, December 2020,” The Daily (December 2020). Statistics Canada, “Monthly Retail Trade Survey,” (October 2020). 3 Bank of Canada, Business Outlook Survey—Winter 2020–21 (January 2021).