Despite many retailers preferring transactions be done electronically, a new study finds Canadians still feel comfortable using cash.
The Bank of Canada study found Canadians are not going cashless, despite the COVID-19 pandemic.
The study found that cash in circulation in Canada grew sharply in March and April, and that Canadians were generally (but not universally) able to use cash at merchants.
Findings included:
- 36% of Canadians reported using cash for payment over the past week
- 38% used e-transfers
- 52% used their debit card
- 62% used a credit card
- 74% have no plans to go cashless in the next five years
Even among those who have already gone cashless, more than 50% said they continue to keep cash on hand, showing that behaviour and stated intentions are still not completely aligned.
“Consumers want a variety of means to pay for their goods and services,” said Steven Meitin, president of the Canadian Association of Secured Transportation.
CAST advocates for Canadian providers of secure transportation of valuables and the advancement of industry standards.
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