The Bank of Canada revealed that nearly all Canadian retailers continue to conduct cash transactions, with a majority also accepting cheques. Despite advancements in digital currency such as bitcoin, cash remains a preferred method of payment for many consumers, says Blacklock's Reporter.A report highlighted findings from discussions and interviews with merchants, indicating that retailers are committed to accepting the payment methods preferred by consumers. According to the report, recent consumer surveys conducted by the bank reaffirm that cash will continue to be used at the point of sale."Retailers continue to view cash as a highly-reliable and low-fee method of payment," stated the report. It noted that despite the increasing acceptance of digital payments and innovations in payment technology, cash acceptance among merchants remains strong and is not being displaced.The research revealed that cash usage was widespread across Canada, with 100% of businesses surveyed in Québec and 99% in Atlantic Canada accepting cash. Acceptance rates were also high across other regions, with rates of 95% or higher.Furthermore, the report found that a majority of businesses nationwide, 55%, still accepted cheques, with higher acceptance rates of 69% in the Prairie provinces. Additionally, almost two-thirds of businesses across Canada, 63%, also accepted Interac payments."Despite the increasing acceptance of digital payments, the vast majority of merchants, 92%, have no plans to go cashless in the future," emphasized the report. "Therefore, cash and digital payments continue to coexist at the point of sale and Canada is far from being a cashless society."While digital currency has been a topic of discussion, the Bank of Canada remains cautious about its implementation. The bank holds the monopoly on the production of banknotes under the Bank Act, earning revenue from printing and circulating bills. Although the bank has staked ownership of any "digital Canadian dollar" under the Trademarks Act as a precaution, the decision to proceed with a digital currency ultimately rests with Canadians through their representatives in Parliament.The Bank of Canada has been studying digital currency for more than a decade, beginning in 2014 when it ordered the suspension of the Royal Canadian Mint's MintChip program.
The Bank of Canada revealed that nearly all Canadian retailers continue to conduct cash transactions, with a majority also accepting cheques. Despite advancements in digital currency such as bitcoin, cash remains a preferred method of payment for many consumers, says Blacklock's Reporter.A report highlighted findings from discussions and interviews with merchants, indicating that retailers are committed to accepting the payment methods preferred by consumers. According to the report, recent consumer surveys conducted by the bank reaffirm that cash will continue to be used at the point of sale."Retailers continue to view cash as a highly-reliable and low-fee method of payment," stated the report. It noted that despite the increasing acceptance of digital payments and innovations in payment technology, cash acceptance among merchants remains strong and is not being displaced.The research revealed that cash usage was widespread across Canada, with 100% of businesses surveyed in Québec and 99% in Atlantic Canada accepting cash. Acceptance rates were also high across other regions, with rates of 95% or higher.Furthermore, the report found that a majority of businesses nationwide, 55%, still accepted cheques, with higher acceptance rates of 69% in the Prairie provinces. Additionally, almost two-thirds of businesses across Canada, 63%, also accepted Interac payments."Despite the increasing acceptance of digital payments, the vast majority of merchants, 92%, have no plans to go cashless in the future," emphasized the report. "Therefore, cash and digital payments continue to coexist at the point of sale and Canada is far from being a cashless society."While digital currency has been a topic of discussion, the Bank of Canada remains cautious about its implementation. The bank holds the monopoly on the production of banknotes under the Bank Act, earning revenue from printing and circulating bills. Although the bank has staked ownership of any "digital Canadian dollar" under the Trademarks Act as a precaution, the decision to proceed with a digital currency ultimately rests with Canadians through their representatives in Parliament.The Bank of Canada has been studying digital currency for more than a decade, beginning in 2014 when it ordered the suspension of the Royal Canadian Mint's MintChip program.
