Cash is becoming increasingly harder to find in Canada in response to how quickly Canadians have adopted digital and mobile payment options.
In a 2013 report entitled “Cashless Journey,” MasterCard ranks Canada as the third most cashless society in the world, trailing only Belgium and France.
According to Mastercard, 90% of the money spent in Canada takes place via credit and debit transactions (or some other form of payment other than cash). They also rate Canada as the nation most ready for a move towards an economy completely without cash transactions.
“Canadian consumers and businesses alike are showing an increased desire for transactions not involving cash” says Parry Rosenberg, Vice President of Sales and Marketing at MONEXgroup, provider of integrated payment processing solutions. “From multimillion dollar corporations all the way down to local businesses, the ability to process credit and debit transactions is a must in today’s retail economy.”
Among the reasons listed for Canadians’ preference for plastic is the increased security that comes with a PIN-secured card, as well as the lessened fear of theft that comes with using plastic.
“Regardless of the reasoning, MONEXgroup says in a news release, Mastercard’s report “illustrates that Canadians are among the world’s leaders when it comes to cashless transactions.”