Business Despite the pandemic: cash continues to be used

Despite the pandemic: cash continues to be used

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Although card transactions have been strongly favored since the start of the pandemic, more cash circulated during the crisis than in other years.

This is revealed by a study published in early July by the Bank of Canada for the months of March and April.

The money supply tends to increase from year to year, but it has experienced an even more sustained growth than usual so far in 2020, we learn from this survey carried out in the spring with 4192 respondents to across the country.

In the week preceding the survey, 36% of them said they had succeeded in paying cash at least once, even if some businesses refused this method of payment for fear of contagion.

Roughly the same number of people reported having made an Interac transfer in the same period.

The use of debit cards (52%) and credit cards (62%) remains more widespread.

The fact remains that Canadians remain attached to cash.

The Canadian Safe Transport Association (CASW), which defends the interests of Canadian valuables providers, has noted that almost 3 in 4 Canadians plan to continue paying cash in the next five years according to Bank of Canada figures.

“We have continued to argue that consumers want to be able to pay for their goods and services in a variety of ways. The Bank of Canada study reiterates this position, “Steven Meitin, president of the association, said on Monday in a press release.

Still taking this study into account, CASW observes that even among the people who have abandoned cash, more than half still claim to carry banknotes and pennies on them.

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