Canada is the North American front-runner to eliminate cheques, which is one of the many reasons the country is fertile ground for expansion of electronic payments, including prepaid.
All signs point to the nationwide decline in cheque use (at an annual rate of about 7 percent) being good for consumers, businesses and the financial system as a whole. A 2013 report estimated that Canadian businesses could save between CA$1.6 and CA$4.4 billion – each year – by moving to 100 percent electronic payments. Payments Canada forecasts that by 2020, virtually all cheques written by businesses and governments in Canada will
have migrated to electronic payments.