Cash continues to be the primary consumer payment choice at the register among retail consumers in Canada, despite an overall reported surge in electronic and contactless payments, according to a recent report
from the Canadian Payments Association.
According to the report, 35 percent of all retail transactions in Canada are still in cash, despite strong growth in overall contactless payments at retail outlets. This one-third transaction share compares favorably to the 40 percent level south of the border in the United States, as reported by the Federal Reserve Bank of San Francisco in its most recent cash-use study.
A recent article
in PaymentSource offers additional insights into the study and confirms that the growth in contactless payments is gaining market share from those consumers who currently dip their cards at the terminal, as compared to those who pay with cold, hard cash.
Even consumers who have been quick to embrace other payment methods have seen a reluctance to abandon cash completely. Supposedly cold, hard cash will be nearly gone in the future. But studies keep suggesting that won’t happen until it’s removed from consumers’ cold dead hands.
Chief Marketing Officer