Is 2019 the year Canada goes cashless?
JULY 15, 2020
The FinTech world is changing the way the average Canadian spends their earnings. Picture yourself from the start of your day paying for the TTC, grabbing a coffee, ordering lunch to your desk, paying again for your TTC commute home, and maybe paying for a few groceries or household items on the way home. You make a minimum of 3 payments a day and the majority of those transactions were done with a swipe, or a tap of a card.
It’s uncommon to carry cash with you, or even coins. Now that everything has gone digital, payments are frequently done electronically. Tips are given electronically now, rather than directly into the pocket of your server or barista, but you can jump into our solution for that (here/link). Cash only businesses can be an inconvenience to those who are desperate for a quick caffeine fix, but they only have debit/credit.
ATM visits are becoming less and less frequent, and cards sit in phone cases designed to carry cards instead of a wallet. The penny has become a thing of the past, but when will more coins shortly follow? Is there a push to incentivise these cash only business owners to open up to the possibility of a cashless company?
Personally, cashless payment options do make everyday payments simpler. There’s an increase in payment availability rather than being limited to the cash sitting in one’s wallet, and there’s less opportunity to overspend rather than you would with cash. With coupons, tickets, and credit cards now living inside of your mobile wallet, these solutions are designed to make your everyday more efficient.