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Bank notes: Research and reports

Get quick access to our research papers, public consultations and surveys related to bank notes.

See also our backgrounders and explainers on bank notes.

Research papers

You can browse all our staff research on bank notes. Here's the latest:

2023 Methods-of-Payment Survey Report: The Resilience of Cash

Staff Discussion Paper 2024-8 Christopher Henry, Matthew Shimoda, Doina Rusu
We present key results from the 2023 Methods-of-Payment Survey. Results show that measures of cash management and use have remained stable since 2020, and that Canadians increased their adoption of payment alternatives such as mobile apps in 2023.

Demand for Canadian Banknotes from International Travel: Indirect Evidence from the COVID-19 Pandemic

Staff Working Paper 2024-23 Hongyu Xiao
This study uses the COVID-19 travel restrictions to estimate foreign demand for Canadian banknotes. It reveals that international visitors accounted for about 10% of all $100 CAD notes in circulation pre-pandemic, with each visitor carrying an average of $165 in hundred-dollar bills.

The Role of Beliefs in Entering and Exiting the Bitcoin Market

We develop a model that links investors’ decisions to enter or exit the Bitcoin market with their beliefs about the survival of Bitcoin. Empirical testing using Canadian data reveals that beliefs strongly influence both entries and exits, and this impact varies with time and ownership status.

COVID-19 Hasn’t Killed Merchant Acceptance of Cash: Results from the 2023 Merchant Acceptance Survey

Staff Discussion Paper 2024-2 Angelika Welte, Katrina Talavera, Liang Wang, Joy Wu
The Bank of Canada’s Merchant Acceptance Survey finds that 96% of small and medium-sized businesses in Canada accepted cash in 2023. Acceptance of debit and credit cards has increased to 89%, and acceptance of digital payments has also increased. However, Canada is far from being a cashless society.

2022 Methods-of-Payment Survey Report: Cash Use Over 13 Years

Staff Discussion Paper 2024-1 Christopher Henry, Doina Rusu, Matthew Shimoda
We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We also assess various factors associated with long-term trends in cash use.

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Public consultations

Consulting Canadians on visual content is integral to our design process for new bank notes.

Principles for Bank Note Design Consultation

Read the highlights of this consultation, and see how the design principles have been applied to bank notes like these.

Surveys

The Bank regularly surveys Canadian businesses and citizens to better understand how and why cash is used by assessing awareness, attitudes, and behaviours with respect to bank notes.

Survey results allow the Bank to monitor its progress, to identify potential issues or opportunities, and to adapt its programs, tools, and services as needed.

Surveys currently underway:
  • Bank Note Confidence Survey

Bank Note Confidence Survey

The Bank of Canada supplies Canadians with bank notes they can use with confidence—notes that are readily accepted and secure against counterfeiting. To monitor and assess public confidence in the authenticity of bank notes, we conduct a survey twice a year. This survey is based on a representative sample of 2,700 residents of Canada.

Methods-of-Payment Survey

The Bank of Canada surveys Canadian consumers to get a better understanding of how they pay for goods and services.

Merchant Acceptance Survey

The Merchant Acceptance Survey (MAS) helps the Bank of Canada understand trends when it comes to the methods of payment accepted by Canadian businesses.

Cash and COVID-19: What happened in 2021

Using data from the Bank Note Distribution System and consumer surveys, we find that bank notes in circulation remained high through 2021. Canadians continued to rely on electronic methods of payment, but a significant share also continued using cash for payments.

Frontiers Series: 2011–12 Awareness Survey

This survey measured Canadians’ awareness of the polymer bank notes. Respondents were asked if they recalled hearing of any upcoming changes to Canadian bank notes, and if so, where they first heard of the polymer bank notes.

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