OTTAWA – Canadians are now using cash for fewer than half of their transactions, a survey done for the Bank of Canada suggests.
Instead, shoppers are increasingly reaching for their credit card and new technology that allows customers to just tap their card and pay.
The research by the central bank’s Ben Fung, Kim Huynh and Gerald Stuber was included as part of the spring edition of the Bank of Canada Review on Thursday.
“Innovation in retail point-of-sale and online payment systems continues to be significant, particularly in enhancing the speed and convenience of the payment process for lower-value transactions, an area where cash still dominates,” the article authors wrote.
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