Canadian Tire Corp said on Tuesday it will take the store's famous paper "money" into the digital era as it looks to better compete with deep-pocketed U.S. chains expanding their presence in Canada.

While the majority of CTM is typically available in denominations of 5 cents, 10 cents, 25 cents, 50 cents and $1, this doesn't mean the currency is limited to minor purchases. In fact, shoppers ...