TORONTO -- According to the Bank for International Settlements (BIS), Canada once again leads the world in usage of both debit and ATMs (or ABMs, as they are known in Canada) on a per capita basis. The most recent BIS study, which has just been released, provides data on payments and payment systems on a per capita basis in the G-10 countries.
The report shows that in 1999 there were 54.3 Interac debit transactions per Canadian compared to 44.2 in the Netherlands, 41.3 in France and 27.5 in the U.S. In 1999, there were 53.4 ATM transactions per inhabitant in Canada compared to 39.9 in the U.S. and 35 in Sweden. Canada has been number one in ATM usage on a per capita basis for the past five years.
Sara Feldman, vice president of communications and marketing for the Interac Association, Canada's national shared ATM network, said, "Canadians have embraced the services, and in fact, have come to rely on them in their day-to-day lives. There were almost two billion Interac Direct Payment (debit) transactions in 2000 accounting for $85 billion in sales, and there were a record 366.5 million cash withdrawals through the Interac network representing $31.3 million."A consumer tracking study conducted by Interac in 2000 showed debit has surpassed cash as Canadians' preferred way to pay for purchases. When asked which method of payment they used most, 42 per cent of Canadians indicated debit compared with 35 per cent for cash.
"Canada is widely regarded as a best-practice model for the implementation of a national shared network of ABMs and direct payment services," Feldman said, noting that Interac drives more than 31,000 ATMs and more than 435,000 debit terminals at over 315,000 merchants in Canada.
Formed in 1984, Interac Association is a not-for-profit organization composed of 93 members which include: banks, trust companies, credit unions, caisses populaires, technology and payment related companies. Interac Association is responsible for the development of the national network for two shared electronic financial services: Interac Direct Payment, Canada's national debit card service and Interac Shared Cash Dispensing Service for shared cash withdrawals at ABMs.
