Despite their country’s progressive financial system, Canadians, like Americans, are still writing tons of cheques. Canadian businesses and consumers wrote almost a billion cheques in 2014, valued at CA$3.9 trillion, most of which were written to and from businesses or governments,rather than consumers.
These cheque payments amounted to 46 percent of the total transaction value of all payment segments in 2014 and cost CA$2.00 – $3.85 per cheque more to originate, administer, reconcile, clear and settle than the average electronic payment. And these costs are significantly higher when one or more handwritten signatures are required on the cheque.
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