The migration away from cash has been ongoing for more than a decade, according to the Bank of Canada’s most recent survey on methods of payment, conducted in 2017
Some businesses reopening with pandemic protocols in place have said they won’t accept cash for the time being, potentially accelerating what the Bank of Canada describes as a decade-long shift away from the banknote.
There's large groups within our society that will not have access to those digital platforms in the way that might be assumed, But Hejazi said the number of Canadians reliant on cash is likely much higher than those figures indicate. And as the popularity of online and mobile payment rises, the cost of mobile data plans also factors in, Hejazi said.
The Bank of Canada last month urged retailers to continue allowing cash transactions in part for that reason.
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